Network for Electronic Transfers
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| Privately held company | |
| Founded | 1985 |
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Key people
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Jeffrey Goh, CEO |
| Website | www.nets.com.sg |
Network for Electronic Transfers (Singapore) Pte Ltd (Abbreviation: NETS; Chinese: 星网电子付款私人有限公司) was founded in 1985 by a consortium of local banks to establish the debit network and drive the adoption of electronic payments in Singapore.
NETS is designated as a national payment system by the Monetary Authority of Singapore.
NETS is owned by Singapore's largest banks, DBS Bank, Oversea-Chinese Banking Corporation Bank (OCBC) and United Overseas Bank (UOB).
NETS is a member of the Asian Payment Network (APN) and a council member of UnionPay International.
In 1986, NETS established Singapore's national debit service which enabled ATM cardholders to pay for purchases electronically at the point-of-sale.Today, the NETS debit infrastructure enables 10 million bank cardholders to use their cards islandwide.
In 2011, the NETS debit system came under the purview of the Payment Systems (Oversight) Act by the Monetary Authority of Singapore. In 2014, the debit system was upgraded to integrate the EMV Smart Chip card technology, aligning with the best-practice standards of the global industry.
NETS is both an acquirer and an issuer in the payments industry. As a card issuer, NETS issues Stored Value Facility (SVF) prepaid electronic cards for consumers to make mircopayments. As a merchant acquirer, NETS works with business owners to extend its reach of Electronic Funds Transfer at Point-of-Sale (EFTPOS) in Singapore.
NETS EFTPOS is a nationwide infrastructure that enables DBS/POSB, OCBC, UOB and Standard Chartered bank customers to make purchases at points-of-sale using their ATM cards. The NETS EFTPOS service is available at 97,000 acceptance points throughout Singapore.
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.
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Wikipedia