NETS (company)

From Wikipedia, the free encyclopedia
IndustryFinancial services
Founded1985; 38 years ago (1985)[1]
Area served
Key people
Lawrence Chan (CEO)
ProductsPayment systems, payment cards, prepaid cards, smart cards, contactless payment, QR code payment, electronic funds transfer, payment and clearing solutions
NETS Debit on various payment terminals (clockwise from top-left): Verifone VX520, Verifone VX820, Ingenico ICT250, Ingenico ISC250.

Network for Electronic Transfers, colloquially known as NETS, is a Singaporean electronic payment service provider. Founded in 1985, by a consortium of local banks, it aims to establish the debit network and drive the adoption of electronic payments in Singapore. It is owned by DBS Bank, OCBC Bank and United Overseas Bank (UOB).[2]

The NETS Group (comprising NETS, BCS and BCSIS) provides a full suite of payments and financial processing services including direct debit and credit payments at point-of-sale (NETS) and online (eNETS), mobile payments (NETSPay), card services (CashCard, FlashPay card), electronic funds transfer (FAST, Paynow, GIRO) and payment and clearing solutions (Real-Time Gross Settlement, Cheque Truncation System). NETS is also a member of the Asian Payment Network (APN) and a council member of UnionPay International.


NETS was first introduced to the public on 27 June 1985 as a 2-month pilot project involving 10,000 ATM card holders from the five local banks, namely DBS Bank, OCBC Bank, UOB, POSB Bank and OUB through 64 terminals installed at participating government offices, supermarkets, department stores and petrol kiosks.[3] The service was officially launched on 18 January 1986, allowing 1.3 million ATM card holders to make transactions through the initial NETS network of 195 terminals located in various retail outlets and by 1993, consumer spending through NETS reached S$1.14 billion.[4]

In 2020, NETS Group signed a long-term lease to two full floors and a ground-floor unit, at Boustead Projects’ development, 351 on Braddell.[5]


NETS operates Singapore's national debit scheme enabling customers of DBS Bank, POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB to make payments using their physical/contactless ATM cards or mobile devices at more than 120,000 acceptance points in Singapore including major retailers, food courts, hawker centres, convenience stores and supermarkets.[citation needed]

The nationwide acceptance infrastructure is the largest in Singapore and includes 54,000 Unified Point-of-Sale (Unified POS) terminals (which accept NETS, NETS FlashPay, debit and credit cards such as VISA, Mastercard, American Express, UnionPay, RuPay and JCB) and 94,000 QR acceptance points (for payments via NETSPay, PayLah!, Pay Anyone and Mighty). In 2011, NETS’ debit system was designated as national payment system by the Monetary Authority of Singapore (MAS).[2]

In November 2018, it was announced that NETS can be used at 4,500 acceptance points in Malaysia, allowing users of NETS enabled cards issued by DBS, POSB, OCBC Bank and United Overseas Bank.[6]

Card services[edit]


NETS introduced the 1st generation chip-based CashCard in 1995. The CashCard is a stored value card that is predominantly used as a payment mode for Singapore's Electronic Road Pricing (ERP) and car park charges since the introduction of the in-vehicle unit in 1997. The CashCard can also be used for retail purchases.


In May 2015, NETS launched vCashCard, a virtual wallet for road tolls payment that allows motorists to drive through Singapore's Electronic Road Pricing (ERP) gantries seamlessly.[7] Road toll payments are automatically charged to their bank accounts or debit/credit cards. With NETS vCashCard, motorists do not need to worry about forgetting to insert a physical CashCard/FlashPay into the in-vehicle unit or having insufficient value in the CashCard/FlashPay and paying unnecessary ERP admin fees. Motorists can sign up for auto top-up service and view their ERP transactions at the vCashCard website or NETS vCashCard app from App Store or Google Play.

Contactless CashCard[edit]

In May 2018, the 2nd generation contactless CashCard was released. The CEPAS CashCard card is based on the same specifications as the CEPAS FlashPay card, thus both cards can be used interchangeably. The Contactless CashCard was rebranded NETS Motoring Card in March 2021.[8]


NETS FlashPay
NETS Motoring Card
CEPAS FlashPay Card.jpg
  • 9 October 2009; 13 years ago (2009-10-09) (NETS FlashPay branding)
  • 2 May 2018; 5 years ago (2018-05-02) (NETS Contactless CashCard branding)
  • 22 March 2021; 2 years ago (2021-03-22) (NETS Motoring Card branding)
OperatorNETS Pte Ltd
ManagerTransitLink Pte Ltd
CurrencySGD ($500 maximum load)
Credit expiry7 years
Auto rechargeAuto Top-Up by credit/debit card
  • TransitLink ticket offices
  • MRT passenger service centres
  • 7-Eleven stores
  • SingPost
  • Adult Cards

The Singapore Government launched CEPAS 2.0 (Contactless e-Purse Application), a Singaporean specification of a common standard for electronic money smart card, in 2009. The transit market was opened to more issuers, enabling NETS to participate and subsequently launch the NETS FlashPay card on 9 October 2009.

FlashPay is a multipurpose contactless stored value smart card that can be used for a huge variety of quick payments at/on – MRT/LRT, public buses, taxis, ERP gantries (with the dual-mode in-vehicle unit), car parks (which have been upgraded to accept CEPAS-compliant cards), and 102,000 retail acceptance points island-wide.[9] It is comparable to the Octopus card in Hong Kong. Compared to EZ-Link, FlashPay is accepted at more retail shops, including most convenience stores, supermarkets, and fast food restaurants.

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.[10]

The FlashPay Reader app was released in February 2016 for Android devices with NFC capabilities.[11] It allows topping up of FlashPay cards using NFC-enabled Android phones, with debit cards and credit cards as payment options. Cardholders can also check their card balance, card expiry date, view the last 30 transactions, register for Auto Top-Up by Credit/Debit Card and view RSVP balance with the FlashPay Reader.

Payment types[edit]


NETS EFTPOS is a nationwide infrastructure that enables DBS, HSBC, Maybank, OCBC, POSB, 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 130,000 acceptance points throughout Singapore.

NETS Unified POS[edit]

NETS Unified POS was introduced to accept contact/contactless, credit and debit payments on one terminal. The terminal accepts NETS, NETS FlashPay, debit and credit schemes such as VISA, MasterCard, American Express, UnionPay and JCB, cards issued by partnering banks (e.g. BCA bank), as well as NFC-enabled mobile wallets like Apple Pay, Android Pay and Samsung Pay. NETS Unified POS can be integrated with loyalty programmes, prepaid services and point-of-sale via Electronic Cash Register interface.


eNETS is an online payment gateway services. It enables payment from all major credit cards and currencies as well as Direct Debit (internet banking payments) from the major banks in Singapore and China, including DBS (Singapore and Hong Kong), UOB, OCBC, Citibank and BNU.

NETS eCommerce[edit]

NETS eCommerce was launched in 2016 to provide a quick and affordable end-to-end solution[buzzword] to set up webstores. The solution[buzzword] is integrated with secured payment options using eNETS Debit and Credit.

NETS Contactless, NETS QR, and NETSPay[edit]

Developer(s)Network for Electronic Transfers Pte Ltd.
Initial releaseOctober 20, 2017; 5 years ago (2017-10-20)
Stable release
1.1.5 / November 22, 2018; 4 years ago (2018-11-22)
PlatformAndroid (NFC, QR code)
iOS (QR code)
Contactless bank card (NFC)

NETSPay is a digital wallet app. Launched in October 2017, it introduces 2 new payment options for NETS debit, NETS Contactless and NETS QR. NETS Contactless is supported on Android devices via NFC and HCE, and NETS QR is supported on Android & iOS devices via QR code.

ATM cardholders can digitise their bankcards with the app, replacing the debit card chip and PIN transaction at point-of-sale terminals that have been upgraded to accept contactless and QR code payments. Fingerprint ID or passcode authentication is required to access the app, with a user configurable session timeout. No PIN is required for transactions below $100.

NETS Contactless ATM cards were launched from the first quarter of 2018. In December 2018, NETS Contactless cards issued by DBS/POSB, UOB, OCBC began to be accepted for LTA's public transport account-based ticketing trial.[12]

Payment terminals[edit]

These terminals are issued to retailers to accept NETS debit, NETS FlashPay/CashCard, debit/credit card payments.

Countertop Model Pin Pad Model Retailers Contactless Payment QR Code Payment Remarks
Verifone VX520 Verifone 1000SE Default terminal issued to most retail outlets since 2014. Yes
(might not detect NFC device)
Printed on paper roll
  • Terminals with firmware that has not been updated do not support NETS Contactless and NETS QR, only NETS debit Chip-and-PIN and NETS FlashPay.
  • As the terminal screen is too small, a QR code has to be generated and printed on receipt paper for each NETS QR code transaction.
Ingenico ICT220 Ingenico IPP310 Most retail outlets with explicit support for NETS QR and NETS Contactless. Yes Yes
  • Supports NETS debit (Chip-and-PIN, contactless, dynamic QR code) and NETS FlashPay.
  • NETS QR code is generated dynamically and displayed on terminal screen.
  • Capable of accepting Visa PayWave, MasterCard PayPass, Amex ExpressPay*, UnionPay QuickPass*, JCB QUICPay* (*dependent on merchant)
Ingenico iWL250 n/a Retailers that require a portable terminal. (e.g. fairs, roadshows) Yes Yes
Ingenico ISC250 n/a 7-Eleven, Isetan, Starbucks
Self-checkout counters at Cold Storage, Giant Hypermarket
Yes Yes
Ingenico ICT250 n/a Koufu food court (upgraded outlets)
Self-ordering kiosks at Burger King, KFC, KOI Thé, Pepper Lunch, etc.
Yes Yes
Verifone VX820 n/a NTUC Unity Healthcare, Cheers
Self-checkout counters at McDonald's, NTUC FairPrice (upgraded outlets)
(might not detect NFC device)
Castles VEGA3000 n/a Hawker centres Yes Yes
Concardis / Ingenico
Desk 5000
n/a This terminal is issued to some retail outlets since 2020-2021. Yes Yes
Verifone VX680 n/a Food Junction FlashPay RSVP
  • Used for NETS FlashPay RSVP (Retailer Stored Value Programme) payment.

The launch of NETS QR and NETS Contactless in October 2017 required merchants' payment terminals to undergo a software update, as previously only chip-and-pin NETS debit payment was available. Merchants may display decals in stores to advertise acceptance of QR and contactless payments. Customers can identify if NETS QR and NETS Contactless are accepted by looking at the options listed on the payment terminal's menu.

Option Terminal with new firmware Terminal with old firmware
F1 NETS FlashPay NETS FlashPay
F2 NETS (will prompt "Tap/Insert Bank Card") NETS (will prompt "Insert Bank Card")
F3 Credit Card/UPI International Card
F4 NETS QR Credit Card

Comparison of payment modes[edit]

Card payments[edit]

Payment Mode Description Year Introduced Registration Requirement Magnetic Stripe Chip and PIN Contactless payment QR code payment Top Up Using Self-help Machines Top Up Using Mobile App Top Up Locations
• NETS EFTPOS Debit Direct debit from bank account. 1985: Magnetic stripe card
2014: EMV card
2017: Contactless card & NETSPay mobile app
The card is tied to user's bank account. No
(deprecated in 2014)
Yes Yes
(with a contactless ATM card at upgraded terminals, PIN required for ≥ $100)
(using NETSPay app)
• NETSPay Stores digitised NETS EFTPOS Debit cards.
Includes a prepaid wallet for peer-to-peer money transfers and UnionPay support.
2017 Yes
(with an NFC-enabled phone at upgraded terminals, PIN required for ≥ $100)
(at upgraded terminals, PIN required for ≥ $100)
Discontinued Direct deduction from bank account for topping up UnionPay wallet. (discontinued on 1 Dec 2020)[13]
• NETS Prepaid Card for SimplyGo

(Account-based Online Debit)

Online account-based ticketing wallet, for retail and public transport payments. It functions similarly to the NETS EFTPOS Debit card.

As the card information is stored on a central server, the card balance can be topped up without presence of physical card.

✓ It is compatible with the SimplyGo system for remote management of public transport cards.

✗ Fare cost and card balance will not be displayed at the gantry. Commuters have to create an account and sign in to the SimplyGo website or app, to view their travel history and its related fares.

✗ It is not compatible with ERP and carpark payments.

2022[14] The card is tied to user's account on mobile app.

Card is non-transferrable after registration.

No Yes
(for transactions ≥ $100)
(No authentication required)
Currently unavailable with NETS app Top-ups can currently only be done online with Visa/Mastercard cards on the NETS mobile app.

Top-ups are currently unavailable at offline locations.

• NETS CashCard (1st generation)

(Card-based Offline Debit)

Card-based stored-value wallet, superseded by FlashPay/Contactless CashCard/Motoring Card.

It is the only stored-valued card which is compatible with 1st gen in-vehicle units and old carpark gantries that have not been upgraded since the release of the CEPAS specification in 2009.

(discontinued in 2022)
No registration required.

Card is transferrable.

(deprecated in 2014)
(No authentication required)
No Yes No Top-ups can be made with cash or NETS EFTPOS cards.
  • NETS Self Service Stations, Top Up Machines
  • Local bank ATMs (DBS/POSB, OCBC and UOB)
  • 7-Eleven stores*
  • Cheers* and FairPrice Xpress*

(* a service fee is chargeable)

• NETS FlashPay (also known as: NETS Contactless CashCard (2nd generation), NETS Motoring Card)

(Card-based Offline Debit)

Card-based stored-value wallet, based on CEPAS standard for retail, public transport, and motoring payments.

✓ It can be used for retail and public transport payments, without remote management functionality.

✓ Commuters can see their fare cost and card balance at the gantry.

✓ It is compatible with dual mode in-vehicle units for ERP and carpark payments.

2009: NETS FlashPay
2018: NETS Contactless CashCard
2021: NETS Motoring Card

NETS FlashPay cards are no longer sold at TransitLink Ticket Offices since 15 March 2022, to encourage adoption of the SimplyGo account-based system.[15][16]

NETS Motoring cards (with FlashPay payment functionality) are still sold at petrol stations and convenience stores.

No No Yes
(No authentication required)
Yes with NETS app Top-ups can be made with cash, NETS EFTPOS cards, Visa/Mastercard/JCB cards.
  • Add Value Machine Plus (AVM+), General Ticketing Machines (GTMs)
  • TransitLink Ticket Office
  • NETS Self Service Stations, Top Up Machines
  • Local bank ATMs (DBS/POSB, OCBC and UOB)
  • 7-Eleven stores*
  • Cheers* and FairPrice Xpress*
  • NETS FlashPay Reader App*

(* a service fee is chargeable)

Online payments[edit]

Payment Mode Description Year Introduced Required Information Stored Payment Details Supported Platforms Payment Process
• eNETS An online payment gateway for online payments via bank account direct debit.

It can be used at merchants such as Singapore government services, airlines bookings, bill payments at AXS online.

2001[17] • iBanking login details

• Hardware token or bank mobile app to authenticate each transaction

iBanking login & authentication required each time.
Mobile: Web Browser

Desktop: Web Browser

While making payment on a merchant's app/website, the user will be redirected to the eNETS website. The user has to login with their iBanking login details and authenticate the transaction with a hardware token or mobile app by the bank.
• NETSPay A digital wallet app that stores digitised NETS EFTPOS Debit cards.

It can be used for both physical and online purchases, at merchants such as AXS Payment, Qoo10.

2017 • ATM card number (last 4 digits)

• NRIC number

• SMS OTP verification (one-time setup)

Up to 10 bank cards Mobile: Android, iOS app. Screen lock required on mobile device.

Desktop: Web Browser (needs to be used with mobile device that has the NETSPay app and a camera)

Mobile: While making payment on a merchant's app/website, the user will be automatically redirected to the NETSPay app. For purchases ≥ $100, PIN is required.

Desktop: The user has to open the NETSPay app on a mobile device to scan the QR code shown on the website on the desktop computer.

• NETS Click An in-app payment solution for NETS EFTPOS Debit cards.

It can be used on merchant apps such as CDG Zig, Singtel Prepaid hi!App, AXS Payment.[18]

2019 • ATM card number (last 4 digits)

• NRIC number

• SMS OTP verification (one-time setup)

Only 1 bank card Mobile: Merchant apps with NETS Click integration on Android, iOS.

Desktop: Unavailable

Mobile: After adding a bank card, the user can make mobile payments on selected merchants' mobile apps with just a click.

ATM switching services[edit]

NETS provides local and regional ATM switching services for banks.[19] NETS partnered with Malaysian Electronic Payment System (MEPS) in Malaysia to enable bilateral cross-border ATM withdrawal services, and UnionPay in China to enable its cardholders to make purchases and withdraw cash from ATMs in Singapore. India also made a deal in 2018 wherein Indian RuPay Cards have acceptance in Singapore and same for the Singaporean counterpart in India.


See also[edit]


  1. ^ "NETWORK FOR ELECTRONIC TRANSFERS (SINGAPORE) PTE LTD (198500065G) – Singapore Business Directory". Retrieved 20 September 2017.
  2. ^ a b "Clearing and Settlement Systems in Singapore". Monetary Authority of Singapore. Retrieved 23 July 2013.
  3. ^ Cashless shopping. (1985, June 27). Singapore Monitor, p. 10. Retrieved from NewspaperSG. Accessed on June 3, 2018.
  4. ^ Nets rings up record $1.14b in consumer spending. The Business Times, p. 2. January 21, 1993. Retrieved from NewspaperSG. Accessed on June 3, 2018.
  5. ^ "Boustead Projects secures 4 new key tenants in Singapore including NETS and Shopee". Retrieved 2021-12-23.
  6. ^ "Singaporeans can now pay with Nets in JB". AsiaOne. November 19, 2018.
  7. ^ "LTA | Joint News Release by the Land Transport Authority (LTA) & NETS - More Ways for Cardless ERP Payments!". Retrieved 2023-05-04.
  8. ^ "NETS introduces new NETS Motoring card, aims to 'eventually replace' CashCard". Channel NewsAsia.
  9. ^ "NETS launches FlashPay card that allows payments for transport, retail services". Channel NewsAsia.
  10. ^ "NETS auto top up puts the heat on competition". mypaper.
  11. ^ Motorists can now top up NETS FlashPay, Autopass Cards with credit cards via mobile app
  12. ^ NETS Contactless Cards in Transit
  13. ^ "NETSPay - UnionPay International".
  14. ^ "NETS launches 'smart' stored-value card for retail and transit".
  15. ^ "NETS - Announcements".
  16. ^ "Singapore's LTA Sees Strong Take-Up of Open-Loop Payments but has No Plans to End Closed Loop - Mobility Payments".
  17. ^ "NETS - Milestones".
  18. ^ "NETS - NETS In-App Payment - Hassle-Free Online Mobile Payments".
  19. ^ "NETS". Archived from the original on 2017-02-02. Retrieved 2017-01-24.