Seven banks of Singapore to use NETS QR code for making cashless payments

To give a fillip to cashless payments, seven banks in Singapore will offer consumers the option of making payments using NETS QR code from the middle of next year. NETS is also rolling out various incentives for consumers and retail outlets for promoting cashless transactions.

Making this announcement through a joint press briefing today, DBS Bank, OCBC and UOB said they have come onboard NETS’ QR code platform. Soon other banks including HSBC, Maybank, Citibank and Standard Chartered Bank will also enable this payment offering.

Customers will be able to make QR code payments through NETSPay, DBS PayLah!, OCBC Pay Anyone and UOB Mighty. The four foreign banks will also offer this service shortly.

NETS is also rolling out various incentives for consumers and retail outlets for promoting cashless transactions.
NETS is also rolling out various incentives for consumers and retail outlets for promoting cashless transactions. Photo courtesy: NETS

Moreover, NETS is also offering various incentives for promotion of cashless payments. It is waiving all terminal and transaction fees for three years to all the hawkers who install NETS terminals at their shops.

NETS and three local banks of Singapore are also launching a SGD15 million, four-month long promotion campaign for the consumers. From November 17 to March 31, 2018, the first 288 customers who make eight QR code payments a month at any participating hawker centre will receive SGD28 in rebates.

Similarly, the top three hawkers who have the highest number of cashless transactions on a monthly basis will receive SGD388, SGD288 and SGD188, respectively, during the above stated period.

In Singapore, currently hawker centres with NETS QR payment capability include Yishun Park Hawker Centre, Tanjong Pagar Plaza Food Centre, Redhill Food Centre and Amoy Street Food Centre. 

All of NETS’ acceptance points will be QR code-enabled by mid-2018.

Author
Ashraf Jamal
Ashraf Jamal – Senior Writer

Ashraf Jamal brings a rare depth to writing equipped with a degree in journalism, a postgraduate degree in political science, and a degree in law from the Allahabad University. His experience includes editing and publishing the Northern India Patrika and writing for Times of India for almost a decade covering just about any topic under the sun including NRIs and Indian diaspora.

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