Network for Electronic Transfers
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The Network for Electronic Transfers (Singapore) Pte Ltd (Abbreviation: NETS; Chinese: 电子付款私人有限公司) NETS was founded in 1985 to establish Singapore’s national PIN Debit scheme, NETS EFTPOS (Electronic Funds Transfer at Point-of-Sale), propelling Singapore into the age of electronic payments. NETS is the scheme operator, processor and acquirer of the service.
NETS is owned by Singapore’s largest banks, DBS Bank, OCBC Bank and United Overseas Bank (UOB).
Today, NETS offers multiple payment and financial processing services and is designated as a national payment system by the Monetary Authority of Singapore.
NETS EFTPOS is a nationwide infrastructure that enables DBS/POSB, OCBC, UOB and Standard Chartered bank customers to make purchases at points-of-sale using their ATM cards. The NETS EFTPOS service is available at more than 80,000 acceptance points throughout Singapore.
NETS introduced the CashCard in 1995. The CashCard is a stored value smart card that is predominantly used as a payment mode for motoring (car park and ERP charges) and can also be used for retail purchases.
NETS provides online payment services via its wholly owned subsidiary eNETS. As the first online payment gateway of its kind in Singapore, eNETS enables payment from all major International credit cards as well as online direct debit (internet banking payments) from the largest banks in Singapore and China, including DBS (Singapore and Hong Kong), UOB, OCBC, Citibank and BNU.
On 9 October 2009, NETS launched the FlashPay card, a multi-purpose contactless stored value smart card that can be used for a huge variety of quick payments. The FlashPay card, which is CEPAS 2 compliant, can be used on the MRT/LRT, public buses, at ERP gantries (with the new generation in-vehicle unit) and at car parks (which have been upgraded to accept CEPAS-compliant cards) as well as at more than 30,000 retail acceptance points island-wide.
NETS tied up with fashion retailer Jay Gee Melwani Group to launch the Jay Gee Card – a NETS FlashPay CEPAS card with a loyalty programme giving customers discounts, offers and other perks.
In October 2010, NETS launched the Auto Top Up service for the NETS FlashPay card, allowing commuters to automatically top up the value on their cards to a predetermined amount (S$30, S$40 or S$50) when it runs low or when there is insufficient stored value on the card to make payment at all MRT and LRT stations, public buses, ERP gantries and EPS (upgraded) carparks.
iNETS, Singapore's first integrated platform for payment through multiple channels, was launched in 2010, enabling consumers to make fast, easy and secure payments via iNETS Kiosks located island-wide.