Users can now make NETS payments via their mobile phones.
Singapore's OCBC and UOB have teamed up with the Network for Electronic Transfers (NETS) to allow their respective cardholders to make mobile payments through the NETSPay app.
Originally available to DBS/POSB customers, about 11 million NETS card users can now use their phones to pay at more than 105,000 acceptance points in Singapore by scanning the NETS QR code or tap their NFC-enabled phone on the NETS terminal to make payments. Purchases are then debited directly to the user’s bank account.
NETSPay users can store up to ten ATM bank cards on the app, allowing them to choose between bank accounts for different purchases and track their transactions by bank account.
“Mobile payments are gaining steam in Singapore, with increasing levels of awareness and the government’s push for a cashless society,” OCBC Bank head of digital payments Milind Sanghavi commented.
“The NETSPay app will complement our initiatives and give our customers different options that enable them to make mobile contactless payments directly from their bank accounts,” UOB head of digital and mobile Aaron Chiew said.
NETS static QR will later be incorporated under the SG QR code specifications when the SG QR code is released later in 2018. According to a report, there are about 60,000 NETS QR acceptance points available for mobile payments.
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