NETS has partnered with three local banks, DBS/POSB, OCBC Bank and UOB to introduce a unified digital payment platform in Singapore.
The local payment services group said HSBC, Maybank and Standard Chartered Bank will also be on board to enable this payment offering which will allow users to ‘scan and pay’ digitally at any NETS QR payment code-enabled merchant.
Citibank, which had previously been excluded, will also join the static QR code platform.
NETS QR code will enable the merchants of participating banks to accept multiple payment types from customers as they will only need one NETS QR.
The new unified QR code payment platform will accept payments from customers using NETSPay, DBS PayLah!, OCBC Pay Anyone and UOB Mighty.
The four other foreign retail banks are expected to offer this service shortly. All of NETS’ acceptance points will be QR code-enabled by mid-2018.
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In order to promote the installation of NETS terminals among hawkers, NETS is waiving all terminal and transaction fees for a period of three years.
Further, it is also working to speed up the settlement process to allow all merchants to receive their sales proceeds the same day.
NETS chairman and board and group head of consumer banking & wealth management of DBS Tan Su Shan said, “NETS and the Singapore banks support our national agenda to build a Smart Nation powered by a smart national e-payments solution. With the myriad digital payments choices available today, consumers will be looking for one that is ubiquitous, simple and safe.
“Hence, in order to address this need, the local banks and NETS have come together to provide this e-payments platform that is interoperable amongst different players – one that is available islandwide and is also simple and free to use for both consumers and merchants.”