Nets to invest over S$30m to launch unified digital payments platform

NETS will be investing over S$30 million in the next three years to launch a unified digital payments platform in Singapore.

The Singapore payment services group will also be expanding a unified QR code cashless payment platform to more than 100,000 acceptance points at 37,000 merchants nationwide, with accessibility to customers of seven major banks.

Nets said on Monday that its investment plans will be supported by DBS Bank, OCBC Bank and United Overseas Bank, the three local banks that each own a third of Nets.Of the S$30 million, half will be used to subsidise infrastructure and setup costs for merchants, and the other half for marketing. For hawkers in particular, Nets will be waiving all terminal and transaction fees for three years.

Already, more than 600 stalls across 20 hawker centres, including those at Zion Road, Tanjong Pagar and Beo Crescent, accept QR code payment.

On Monday, Nets added that customers of seven major banks in Singapore will soon be able to make cashless payments at more than 100,000 Nets acceptance points at 37,000 merchants islandwide.

The seven participating banks include the three local banks; Nets member banks HSBC, Maybank and Standard Chartered Bank; and Citibank.

Notably, these customers can pay by using their smartphones to scan just one single QR code - powered by Nets - at the merchant's stall. Previously, there could be more than one QR code displayed at a stall, which has led to merchant and user confusion.

The unified QR code platform was effective from Monday for DBS, OCBC and UOB customers. The four other foreign retail banks are expected to offer this service in the first quarter of 2018.