Posted on 05/25/2016 at 08:44
Wirecard and NETS to provide one terminal payment solution
Pave the way for Singapore government agencies to accept payment cards
Wirecard Singapore Pte Ltd, a Wirecard Group company, and Network For Electronic Transfers (Singapore) Pte Ltd (NETS) today said they will collaborate to provide a single terminal payment solution for Singapore government agencies. The move will enable users of the services of Singapore government agencies to use their CEPAS cards such as NETS FlashPay, EZ-Link and concession cards on one single device.
Paying by a wave of a card over a reader is fast becoming common in Singapore, with a higher card circulation and more merchants on board. CEPAS, or Contactless e-Purse Application, is a Singaporean standard for a contactless smart card. NETS, EZ-Link and TransitLink issue the FlashPay card, EZ-Link card and concession card respectively.
The CEPAS cards are used to make payments across major retailers, food courts, convenience stores, supermarkets, etc. in Singapore. It is also used on all MRT/LRT, public buses, selected taxis as well as to pay for road toll and CEPAS-compliant car park charges.
NETS is designated as the national payment system by the Monetary Authority of Singapore. One in three Singaporeans uses NETS every day to make payments across a network of 91,000 acceptance points nation-wide. In 2015, NETS processed S$23 billion in transactions from debit and credit transactions, CashCard and FlashPay.
Jeffrey Goh, CEO of NETS, said: “This collaboration to deliver a single terminal solution for the government agencies in Singapore will bring greater benefits in improving the operational efficiency and productivity for the merchants and customers. NETS values the partnership with Wirecard Singapore as we build a new payment ecosystem and platform going forward in Singapore.”
Jeffry Ho, Managing Director at Wirecard Singapore, said: “We are very pleased to collaborate with NETS to bring the convenience of the unified POS solution to the Singapore government agencies. This is definitely a step in the right direction to make cashless payment even more pervasive in Singapore.”
As part of the new cooperation, Wirecard will acquire the merchants for CEPAS payments, while NETS will provide the terminals and acquire the merchants for NETS payments.Download Press Release