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HSBC joins NETS payment network

HSBC debit cardholders will be able to make NETS payments at 87,000 acceptance points island-wide with effect from June 23, 2015.

HSBC is the latest foreign bank after Standard Chartered Bank and Maybank to offer its debit cardholders this payment capability, NETS said on Monday.

"This allows HSBC debit cardholders to tap into Singapore's most widely used payment network, with 10 million cardholders," it said.

The NETS Debit service was launched in 1986 to enable participating banks' cardholders to pay for purchases electronically at the point of sale.

The network is today one of the most successful worldwide in terms of the number of acceptance points and has played a key role in promoting e-payments across all sectors including taxis, retail, groceries and bill payments.

Eighty per cent of retailers in shopping centres and 60 per cent of neighbourhood retailers accept NETS, it said.

Jeffrey Goh, NETS chief executive, said HSBC debit cardholders can now pay for purchases electronically at all NETS acceptance points across the island, including top-up stations at all carparks and transit stations.

Matthew Colebrook, HSBC Singapore head of retail banking and wealth management, said joining NETS "is a significant milestone for HSBC's retail banking business in Singapore".

"The launch of NETS elevates HSBC to primary bank status in Singapore as our customers will have access to NETS' entire transaction points in which to pay their bills and make cash withdrawals and, therefore, levels the playing field with domestic banks in the market," said Mr Colebrook.