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Nets launches fastest, same-day cash settlement for hawkers in Singapore

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Hawkers that use Nets transactions for payments will now get the sales proceeds credited to their DBS, OCBC or UOB bank accounts by 11pm the same day, if the sales were made before 5pm.

HAWKERS that use Nets transactions for payments will now get the sales proceeds credited to their DBS, OCBC or UOB bank accounts by 11pm the same day, if the sales were made before 5pm. 

Nets transactions made after 5pm will be credited to the bank accounts before 9am the next business day, the cashless payment services group announced on Thursday.

The launch of the same-day settlement for hawkers now makes Nets' settlements the fastest in the industry, and will help hawkers manage their cashflow - an issue that can plague the day-to-day business operations of small-and-medium enterprises. 

Nets said it hopes the move will encourage more hawkers to adopt e-payments. 

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It was appointed the master acquirer to implement a unified e-payment service at coffee shops, hawker centres and industrial canteens in September 2018.

The group also operates Singapore’s national debit scheme, and manages the clearing and payment infrastructure for the Singapore Clearing House Association and the core electronic payment transfer services of FAST, interbank Giro and PayNow.