NETS unifies Singapore's e-payment landscape, to roll out 20 schemes by 2019

NETS has been appointed to unify e-payment solutions across coffee shops, hawker centres and industrial canteens. This was following a call for collaboration by Enterprise Singapore, together with the Housing and Development Board (HDB), National Environment Agency (NEA) and JTC Corporation to implement e-payment solutions.The schemes will be rolled out in two phases as the first batch of 10 payment schemes will be available by end of the year. By August 2019, all 20 payment schemes through unified touch-points will be made available for customers dining at the selected coffee shops, hawker centres and industrial canteens. The initiative plans to have the e-payment solution adopted across 200 coffee shops, 25 hawker centres and 20 industrial canteens.NETS was chosen as it could develop a commercially-viable, inter-operable and open access e-payment solution, Enterprise Singapore told Marketing in a statement. Customers are also able to use Apple Pay and/or Samsung Pay apart from the 20 payment schemes such as Mastercard, Visa and American Express, to name a few.Under the initiative, a merchant discount rate (MDR) of 0.5% for monthly payment transactions was agreed upon, which also falls below the average industry MDR of between 2% and 5%. The government will provide funding support over three years as it aims to bring down the MDR to 0%. NETS will also waive the terminal rental fee for merchants to generate sufficient scale and widespread use of e-payments across coffee shops, hawker centres and industrial canteens.Marketing has reached out to Enterprise Singapore for additional information.Ted Tan, deputy chief executive officer, Enterprise Singapore said in Singapore, about 40% of dining occasions take place at coffee shops, hawker centres and canteens."With technology becoming such an integral part of our urban lifestyles, the government is enhancing the dining experience by providing customers with a unified e-payment solution where transactions can be made easily, quickly and securely. Merchants too, will benefit as they will now have a cost-effective and productive model to accept and process e-payments from customers and suppliers,” Tan addedMost recently, NETS partnered with UnionPay allowing consumers to use NETSPay app for e-payments while traveling overseas. In addition to overseas payments, users can send and receive money from other NETSPay users via mobile numbers or QR code. The NETSPay app also comes with a new wallet feature enabling contactless payments at close to 12 million UnionPay QuickPass contactless acceptance points.Wenhui Yang, general manager for UnionPay International South East Asia, said that this collaboration is "significant" as it allows local NETS users to make QR code and contactless payments at key destinations such as Malaysia, Australia, China, Hong Kong, Japan, South Korea and Thailand."The launch of the enhanced NETSPay app affirms our commitment to providing innovative payment products and services that can enable greater convenience and ease of payment for local consumers and businesses," she added.Read also:XCO partners NETS to reach and reward motorists