Nets to score home run with S$30m investment in cashless platform

NETS - the payment services group owned by DBS Bank, OCBC Bank and United Overseas Bank - said on Monday that it will invest more than S$30 million to launch a unified e-payments platform in Singapore. This is a milestone in the country's pursuit of a cashless society, and represents a home run for Nets if the home-grown company delivers on its plans.

Why is that? First, Nets' investment plans will be supported by DBS, OCBC and UOB - the three local banks that each owns a third of Nets. Second, its plans include expanding an interoperable QR code cashless payment system to more than 100,000 acceptance points at 37,000 merchants nationwide, and extending this service to customers of seven major banks here.

Having the support of Singapore's big three banks means that Nets can build a platform which is bank-agnostic and therefore accessible by all banked consumers in Singapore. Nets will also enjoy the technological expertise as well as the enterprise and consumer outreach of the three banks, and can then focus on creating an overarching, ubiquitous e-payments system.