 | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1986 January 18; 40 years ago (18-01-1986) |
| Headquarters | Singapore |
Area served | Singapore |
Key people | Lawrence Chan (CEO) |
| Products | Payment systems,payment cards, prepaid cards,smart cards,contactless payment,QR code payment,electronic funds transfer, payment andclearing services |
| Parent | |
| Website | www |
Network for Electronic Transfers, colloquially known asNETS, is aSingaporeanelectronic payment service provider. Founded in 1986 by a consortium of local banks, it aims to establish thedebit network and drive the adoption ofelectronic payments inSingapore. It is owned byDBS Bank,OCBC Bank andUnited Overseas Bank (UOB).[1]
The NETS Group (comprising NETS, BCS and BCSIS) provides a full suite of payments and financial processing services including direct debit and credit payments at point-of-sale (NETS) and online (eNETS), mobile payments (NETSPay), card services (CashCard, FlashPay card), electronic funds transfer (FAST,PayNow, GIRO) and payment and clearing services (Real-Time Gross Settlement, Cheque Truncation System). NETS is also a member of the Asian Payment Network (APN) and a council member ofUnionPay International.
NETS was first introduced to the public on 27 June 1985 as a 2-month pilot project involving 10,000 ATM card holders from the five local banks, namelyDBS Bank,OCBC Bank,UOB,POSB Bank andOUB through 64 terminals installed at participating government offices, supermarkets, department stores and petrol kiosks.[2] The service was officially launched on 18 January 1986, allowing 1.3 million ATM card holders to make transactions through the initial NETS network of 195 terminals located in various retail outlets and by 1993,consumer spending through NETS reachedS$1.14 billion.[3]
In 2020, NETS Group signed a long-term lease to two full floors and a ground-floor unit, atBoustead Projects' development, 351 on Braddell.[4]
NETS operates Singapore's national debit scheme enabling customers ofDBS Bank,POSB,HSBC,Maybank,OCBC Bank,Standard Chartered Bank,CIMB andUOB to make payments using their physical/contactless ATM cards or mobile devices at more than 120,000 acceptance points in Singapore including major retailers, food courts, hawker centres, convenience stores and supermarkets.[citation needed]
The nationwide acceptance infrastructure is the largest in Singapore and includes 54,000 Unified Point-of-Sale (Unified POS) terminals (which accept NETS, NETS FlashPay, debit and credit cards such asVISA,Mastercard,American Express,UnionPay,RuPay andJCB) and 94,000 QR acceptance points (for payments via NETSPay, PayLah!, Pay Anyone and Mighty). In 2011, NETS' debit system was designated as national payment system by theMonetary Authority of Singapore (MAS).[1]
In November 2018, it was announced that NETS can be used at 4,500 acceptance points in Malaysia, allowing users of NETS enabled cards issued byDBS,POSB,OCBC Bank andUnited Overseas Bank.[5]
| Location | Singapore |
|---|---|
| Launched | 1995; 31 years ago (1995) |
| Technology |
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| Operator | NETS Pte Ltd |
| Currency | SGD ($500 maximum load) |
| Credit expiry | 5 years |
| Validity |
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| Retailed |
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NETS introduced the 1st generationchip-based CashCard in 1995. The CashCard is a stored value card that is predominantly used as a payment mode for Singapore's Electronic Road Pricing (ERP) and car park charges since the introduction of the in-vehicle unit in 1997. The CashCard can also be used for retail purchases.
In May 2015, NETS launchedvCashCard, a virtual wallet for road tolls payment that allows motorists to drive through Singapore's Electronic Road Pricing (ERP) gantries seamlessly.[6] Road toll payments are automatically charged to their bank accounts or debit/credit cards. With NETS vCashCard, motorists do not need to worry about forgetting to insert a physical CashCard/FlashPay into the in-vehicle unit or having insufficient value in the CashCard/FlashPay and paying unnecessary ERP admin fees. Motorists can sign up for auto top-up service and view their ERP transactions at thevCashCard website or NETS vCashCard app from App Store or Google Play.
In May 2018, the 2nd generationcontactless CashCard was released. The CEPAS CashCard card is based on the same specifications as theCEPAS FlashPay card, thus both cards can be used interchangeably. The Contactless CashCard was rebrandedNETS Motoring Card in March 2021.[7]
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| Location | Singapore |
|---|---|
| Launched |
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| Technology | |
| Operator | NETS Pte Ltd |
| Currency | SGD ($500 maximum load) |
| Credit expiry | 7 years |
| Auto recharge | Auto Top-Up by credit/debit card |
| Validity |
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| Retailed |
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| Website | |
The Singapore Government launchedCEPAS 2.0 (Contactless e-Purse Application), a Singaporean specification of a common standard for electronic money smart card, in 2009. The transit market was opened to more issuers, enabling NETS to participate and subsequently launch the NETS FlashPay card on 9 October 2009.
FlashPay is a multipurpose contactless stored value smart card that can be used for a huge variety of quick payments at/on – MRT/LRT, public buses, taxis, ERP gantries (with the dual-mode in-vehicle unit), car parks (which have been upgraded to accept CEPAS-compliant cards), and 102,000 retail acceptance points island-wide.[8] It is comparable to theOctopus card in Hong Kong. Compared to EZ-Link, FlashPay is accepted at more retail shops, including most convenience stores, supermarkets, and fast food restaurants.
In October 2010, NETS launched the Auto Top Up service for the NETS FlashPay card, allowing commuters to automatically top up the value on their cards to a predetermined amount (S$30, S$40 or S$50) when it runs low or when there is insufficient stored value on the card to make payment at all MRT and LRT stations, public buses, ERP gantries and EPS (upgraded) carparks.[9]
TheFlashPay Reader app was released in February 2016 for Android devices with NFC capabilities.[10] It allows topping up of FlashPay cards using NFC-enabled Android phones, with debit cards and credit cards as payment options. Cardholders can also check their card balance, card expiry date, view the last 30 transactions, register for Auto Top-Up by Credit/Debit Card and view RSVP balance with the FlashPay Reader.
| Location | Singapore |
|---|---|
| Launched | 22 November 2022; 3 years ago (2022-11-22) |
| Technology | |
| Operator | NETS Pte Ltd |
| Currency | SGD ($1,000 maximum load) |
| Credit expiry | 5 years |
| Auto recharge | Auto Top-up with credit or debit card on NETS App |
| Validity | |
| Retailed |
|
| Website | NETS Prepaid Card |
In November 2022, NETS launched thePrepaid Card.[11] The NETS Prepaid Card can be used by tourists, who do not have a Singapore-based bank account, to make payments at retail merchants that accept NETS.
Unlike the FlashPay card, the Prepaid Card uses online account-based ticketing, which works with the SimplyGo ticketing system. It is however not compatible with theERP.
On 10 January 2024, LTA announced that NETS FlashPay cards will no longer be accepted for public transport fare payment from 1 June 2024, due to phasing out of the legacy card-based ticketing system. Commuters with NETS FlashPay Cards may exchange their current card for a free NETS Prepaid Card at SimplyGo Ticket Offices or Ticketing Service Centres.[12][13] Due to bottlenecks, high transaction volume, and technical issues with the SimplyGo transition on both EZ-Link and NETS payment networks, NETS announced that the free exchange for NETS Prepaid Cards which was planned to commence on 19 January 2024 has been postponed until further notice.[14]
NETS EFTPOS is a nationwide infrastructure that enables DBS, HSBC,Maybank, OCBC, POSB, UOB and Standard Chartered Bank customers to make purchases at points-of-sale using their ATM cards. The NETS EFTPOS service is available at more than 130,000 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.
eNETS is an online payment gateway services. It enables payment from all major credit cards and currencies as well as Direct Debit (internet banking payments) from the major banks in Singapore and China, including DBS (Singapore and Hong Kong), UOB, OCBC, Citibank and BNU.
NETS eCommerce was launched in 2016 to provide a quick and affordable end-to-end service to set up webstores. It is integrated with secured payment options using eNETS Debit and Credit.
| NETSPay | |
|---|---|
 | |
 Home screen of NETSPay, showing DBS, OCBC and UOB cards provisioned. | |
| Developer | Network for Electronic Transfers Pte Ltd. |
| Initial release | 20 October 2017; 8 years ago (2017-10-20) |
| Final release | 1.1.25 / October 8, 2023; 2 years ago (2023-10-08) |
| Platform | Android (NFC, QR code) iOS (QR code) Contactless bank card (NFC) |
| License | Proprietary |
| Website | NETSPay |
NETSPay is adigital wallet app. Launched in October 2017, it introduces 2 new payment options for NETS debit,NETS Contactless andNETS QR. NETS Contactless is supported onAndroid devices viaNFC andHCE, and NETS QR is supported on Android &iOS devices viaQR code.
ATM cardholders can digitise their bankcards with the app, replacing the debit cardchip and PIN transaction atpoint-of-sale terminals that have been upgraded to accept contactless and QR code payments. Fingerprint ID or passcode authentication is required to access the app, with a user configurable session timeout. No PIN is required for transactions below $100.
NETS Contactless ATM cards were launched from the first quarter of 2018. In December 2018, NETS Contactless cards issued by DBS/POSB, UOB, OCBC began to be accepted for LTA's public transport account-based ticketing trial.[15] In May 2023, the NETS Contactless functionality was extended to Mastercard and Visa debit cards, in addition to the chip and PIN transaction method.[16]
The NETSPay wallet was discontinued on 1 December 2020 and the NETSPay app was discontinued on 31 October 2023.[17]
On 20 June 2025, NETS partnered withShopee to allow ShopeePay users to make payments by scanning NETS QR codes on SGQR labels. (This currently excludes dynamically-generated NETS QR codes on POS terminals.)[18][19]
In September 2018, it was announced that the Singapore government has appointed NETS as the master acquirer to unify and roll out e-payments to all 12,000 stalls at hawker centres, canteens and coffee shops in Singapore.[20] The Government will cover transaction fees of 0.5% payable by merchants until 31 December 2024.[21] The initiative began its roll out to hawker stalls starting from June 2019 under SGQR, a single standardised QR code for e-payments.[22] The participating payment schemes for the NETS unified e-payment system at hawkers centres include: ActiveSG, Alipay, American Express, Singtel Dash, DBS PayLah, Diners Club International, Discover, EZ-Link, GrabPay, SLIDE Wallet, LifeUp Pay, LiquidPay, NETSPay, OCBC PayAnyone, RazerPay, Standard Chartered, UnionPay, UOB Mighty, VIA by Singtel, WeChat Pay, Aby Pay, Shopee Pay, XNAP.[citation needed]
In November 2023, theMonetary Authority of Singapore announced a proof of concept for SGQR+, an upgraded version of SGQR that provides interoperability among a wide variety of payment schemes in a convenient and cost-effective way, through a single merchant acquirer. Merchants only need to maintain a relationship with a single preferred primary acquirer to accept multiple payment schemes, instead of multiple acquirers under the existing system.[23][24] Examples of similarintegrated QR code payment systems inASEAN include:QRIS in Indonesia, DuitNow in Malaysia, Thai QR in Thailand. Under the SGQR+ Proof of Concept, the stakeholders include Liquid Group (as Switch Operator) and NETS (as Master Merchant Acquirer).[25] The participating payment schemes for SGQR+ Proof Of Concept include: ActiveSG, Alipay, Alipay+, Changi Pay, Diners, Discover, DuitNow, EZ-Link, GLN, Google Pay (via XNAP), GrabPay, iAPPS, LiquidPay, Mastercard, Moolahgo, NETS, PromptPay, ShopeePay, Singtel Dash, UnionPay, Visa, WeChat, XNAP.[26]
These terminals are issued to retailers to accept NETS debit, NETS FlashPay/CashCard, debit/credit card payments.
| Countertop Model | Pin Pad Model | Retailers | Contactless Payment | QR Code Payment | Remarks |
|---|---|---|---|---|---|
| Verifone VX520 | Verifone 1000SE | Default terminal issued to most retail outlets from 2014 to 2017. Phased out in 2023 and replaced by Ingenico Desk 5000 | Depends (might not detect some NFC devices/cards) | Printed on paper roll |
|
| Ingenico ICT220 | Ingenico IPP310 | Most retail outlets with explicit support for NETS QR and NETS Contactless. (2018-present) | Yes | Yes |
|
| Ingenico iWL250 | n/a | Retailers that require a portable terminal. (e.g. atrium fairs, roadshows) Replaced by Ingenico Move 5000 | Yes | Yes | |
| Ingenico ISC250 | n/a | 7-Eleven,Isetan,Starbucks Self-checkout counters atCold Storage,Giant Hypermarket (2018-2025) Gradually replaced by Ingenico Desk 5000 in mid-2025. | Yes | Yes | |
| Ingenico ICT250 | n/a | Koufu food court (2018-2023) Self-ordering kiosks atBurger King (2018-2023),KFC (2018-2025),KOI Thé,Pepper Lunch (2018-2023), etc. | Yes | Yes | |
| Verifone VX820 | n/a | NTUC Unity Healthcare (2018-2023),Cheers (2018-2023) Self-checkout counters atMcDonald's (2018-2023),NTUC FairPrice (2018-2023) Phased out in 2023-2024 and replaced by Ingenico Desk 5000 | Depends (might not detect some NFC devices/cards) | Yes | |
| Castles VEGA3000 | n/a | This terminal is issued to hawker centres. (2019-present) | Yes | Yes | |
| Ingenico Desk 5000 | n/a | This is the default terminal is issued to most retail outlets since 2020-2021. Current retailers as of 2024 include:Koufu food court,Burger King,McDonald's,Daiso,NTUC FairPrice (upgraded counters) Retailers that support NETS/NETS FlashPay/NETS QR single selection for cashier:Yoshinoya,Watsons,Breadtalk,Bengawan Solo | Yes | Yes | |
| Ingenico Move 5000 | n/a | Retailers that require a portable terminal. (e.g. atrium fairs, roadshows) (2022-present) | Yes | Yes | |
| Castles UPT1000F | n/a | This terminal is installed at some carpark gantries and vending machines since 2022-2023. | Yes | N/a | |
| Verifone VX680 | n/a | Food Junction (2018-2023) Phased out in 2023-2024 and replaced by Ingenico Desk 5000 | FlashPay RSVP | N/a |
The launch of NETS QR and NETS Contactless in October 2017 required merchants' payment terminals to undergo a software update, as previously only chip-and-pin NETS debit payment was available. Merchants may display decals in stores to advertise acceptance of QR and contactless payments. Customers can identify if NETS QR and NETS Contactless are accepted by looking at the options listed on the payment terminal's menu.
| Option | Terminal with new firmware (Ingenico ICT220) | Terminal with old firmware (Verifone VX520) |
|---|---|---|
| F1 | NETS FlashPay | NETS FlashPay |
| F2 | NETS (will prompt "Tap/Insert Bank Card") | NETS (will prompt "Insert Bank Card") |
| F3 | Credit Card/UPI | International Card |
| F4 | NETS QR | Credit Card |
On theCastles VEGA3000 andIngenico Desk/Move5000 terminals issued since late 2022-2023, the "NETS EFTPOS Debit" and "NETS FlashPay" payment modes are combined into a single menu item as "NETS".
Hence, the cashier only has to press a single selection for NETS on the newer terminals, instead of pressing separate selections for NETS EFTPOS Debit and NETS FlashPay payment on previous terminals.[29][30]
For purchase transactions that are not entered manually on the payment terminal, and are generated automatically by some integratedpoint-of-sale (POS) systems, the payment mode (NETS, NETS FlashPay, NETS QR) still needs to be selected separately on the POS system by the cashier. Auto-generated purchase transactions can be identified by a light blue background on the payment terminal's payment screen.
| Payment Mode | Device Navigation (Ingenico Desk/Move5000) |
|---|---|
| –Enter purchase amount on the terminal –Select "NETS" payment mode –Tap and hold card/smartphone on the terminal for about 5 seconds, until a beep is heard |
| –Enter purchase amount on the terminal –Select "NETS" payment mode –Press "Select to pay by NETS QR" –Scan NETS QR code with NETSPay, DBS PayLah, OCBC PayAnyone, or UOB TMRW mobile app |
| Payment Mode | Description | Year Introduced | Registration Requirement | Magnetic Stripe | Chip and PIN | Contactless payment | Top Up Locations |
|---|---|---|---|---|---|---|---|
| • NETS Bank Card (EFTPOS Debit) | Direct debit from bank account. | 1985: Magnetic stripe card 2014: EMV card 2017: Tap-to-pay (with contactless ATM cards & NETSPay mobile app) 2023: Tap-to-pay (with co-branded VISA debit cards)[16] | The card is tied to user's bank account. | No (deprecated in 2014) | Yes | Yes (With a contactless ATM card at upgraded terminals; some cards still do not have contactless functionality.) (PIN required for ≥ $100) | N/a |
| • NETS Prepaid Card for SimplyGo (Account-based Online Debit) | Online account-based ticketing wallet, for retail and public transport payments. It functions similarly to the NETS EFTPOS Debit card. As the card information is stored on a central server, the card balance can be topped up without presence of physical card. ✓ It is compatible with the SimplyGo system for remote management of public transport cards. ✗ Fare cost and card balance will not be displayed at the gantry. Commuters have to create an account and sign in to the SimplyGo website or app, to view their travel history and its related fares. ✗ It is not compatible with ERP and carpark payments. | 2022[31] | Email address and phone number(international numbers are allowed) are required for registering an online account on the NETS mobile app. The prepaid card is non-transferrable, after it has been registered to a user's online account. | No | Yes (card may need to be inserted for transactions ≥ $100 on older terminals, but PIN is not required) | Yes (No authentication required) | Top-ups can currently only be done online with a NETS Bank Card(linked to a local bank account), or Visa/Mastercard/Amex cards(international cards are allowed) on the NETS mobile app. Top-ups are currently unavailable at self-help machines. |
| Payment Mode | Description | Year Introduced | Registration Requirement | Magnetic Stripe | Chip and PIN | Contactless payment | Top Up Locations |
|---|---|---|---|---|---|---|---|
| • NETS CashCard(1st generation) (Card-based Offline Debit) | Card-based stored-value wallet, superseded by FlashPay/Contactless CashCard/Motoring Card. It is the only stored-valued card which is compatible with 1st gen in-vehicle units and old carpark gantries that have not been upgraded since the release of the CEPAS specification in 2009. | 1995 (discontinued in 2022) | No registration required. Card is transferrable. | No (deprecated in 2014) | Yes (No authentication required) | No | Top-ups can be made with cash or NETS EFTPOS cards.
(* a service fee is chargeable) |
| • NETSFlashPay (also branded as: NETSMotoring Card) (Card-based Offline Debit) | Card-based stored-value wallet, based onCEPAS standard for retail (convenience stores, supermarkets, vending machines, fast food restaurants), public transport, and motoring payments. ✓ It can be used for retail and public transport payments, without remote management functionality. ✓ Commuters can see their fare cost and card balance at the gantry. ✓ It is compatible with dual mode in-vehicle units for ERP and carpark payments. | 2009: NETS FlashPay 2018: NETS Contactless CashCard(2nd generation) 2021: NETS Motoring Card Sales ofNETS FlashPay cards at TransitLink Ticket Offices were stopped on 15 March 2022, to encourage adoption of the SimplyGo account-based system.[33][34] NETS FlashPay cards are also sold under an alternate branding,NETS Motoring cards (previouslyContactless CashCard), at petrol stations and convenience stores. | No | No | Yes (No authentication required) | Top-ups can be made with cash, NETS EFTPOS cards, Visa/Mastercard/JCB cards.
(* a service fee is chargeable) |
| Payment Mode | Description | Year Introduced | Registration Requirement | Contactless payment | QR code payment | Other Info |
|---|---|---|---|---|---|---|
| • NETSPay | Stores digitised NETS EFTPOS Debit cards. Includes a prepaid wallet for peer-to-peer money transfers andUnionPay support. | 2017 The NETSPay app was discontinued on 31 October 2023.[17] | The card is tied to user's bank account. | Yes (with an NFC-enabled phone at upgraded terminals, PIN required for ≥ $100) | Yes (at upgraded terminals, PIN required for ≥ $100) | Direct deduction from bank account for topping up UnionPay wallet. (discontinued on 1 Dec 2020)[36] |
| • NETS QR | Direct debit from bank account or mobile wallet. | 2017 (banking apps) 2025 (mobile wallets) | iBanking account or mobile wallet account | No | Yes | Support for banking apps was introduced to: DBS PayLah, OCBC app, UOB TMRW.[37] Support for mobile wallets was introduced to: ShopeePay, Singtel Dash. Overseas wallets include: Alipay+, BHIM app, Indonesian digital payment apps, Malaysian digital payment apps, Thai Bank apps, UnionPay app, WeChat Pay. Currently, ShopeePay and Singtel Dash only support static NETS QR codes on printed SGQR labels, not dynamically-generated NETS QR codes on POS terminals.[38] |
| Payment Mode | Description | Year Introduced | Required Information | Stored Payment Details | Supported Platforms | Payment Process |
|---|---|---|---|---|---|---|
| • eNETS | An online payment gateway for online payments via bank account direct debit. It can be used at merchants such as Singapore government services, airlines bookings, bill payments at AXS online. | 2001[39] | • iBanking login details • Hardware token or bank mobile app to authenticate each transaction | No iBanking login & authentication required each time. | Mobile: Web Browser Desktop: Web Browser | While making payment on a merchant's app/website, the user will be redirected to the eNETS website. The user has to login with their iBanking login details and authenticate the transaction with a hardware token or mobile app by the bank. |
| • NETSPay | A digital wallet app that stores digitised NETS EFTPOS Debit cards. It can be used for both physical and online purchases, at merchants such as AXS Payment, Qoo10. | 2017 The NETSPay app was discontinued on 31 October 2023.[17] | • ATM card number (last 4 digits) • NRIC number • SMS OTP verification(one-time setup) | Up to 10 bank cards | Mobile: Android, iOS app. Screen lock required on mobile device. Desktop: Web Browser (needs to be used with mobile device that has the NETSPay app and a camera) | Mobile: While making payment on a merchant's app/website, the user will be automatically redirected to the NETSPay app. For purchases ≥ $100, PIN is required. Desktop: The user has to open the NETSPay app on a mobile device to scan the QR code shown on the website on the desktop computer. |
| • NETS Click | An in-app payment service for NETS EFTPOS Debit cards. It can be used on merchant apps such as CDG Zig, Singtel Prepaid hi!App, AXS Payment.[40] | 2019 | • ATM card number (last 4 digits) • NRIC number • SMS OTP verification(one-time setup) | Only 1 bank card | Mobile: Merchant apps with NETS Click integration on Android, iOS. Desktop: Unavailable | Mobile: After adding a bank card, the user can make mobile payments on selected merchants' mobile apps with just a click. |
NETS provides local and regional ATM switching services for banks.[41] NETS partnered with Malaysian Electronic Payment System (MEPS) in Malaysia to enable bilateral cross-border ATM withdrawal services, and UnionPay in China to enable its cardholders to make purchases and withdraw cash from ATMs in Singapore. India also made a deal in 2018 wherein Indian RuPay Cards have acceptance in Singapore and same for the Singaporean counterpart in India.
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