The Network for Electronic Transfers (Singapore) Pte Ltd (Abbreviation

Abbreviation

An abbreviation is a shortened form of a word or phrase. Usually, but not always, it consists of a letter or group of letters taken from the word or phrase...

: NETS; ) was founded in 1985 to operate and manage an online debit payment system pioneering Singapore's shift to a cashless society. It has since grown to a multi-service organisation, providing a comprehensive range of electronic payment services. NETS is owned by DBS Bank, OCBC Bank, United Overseas Bank and Standard Chartered Bank.

Innovative Payment Solutions

Today, the company is recognised as a leader in the payment services arena – offering the pervasive EFTPOS (Electronic Funds Transfer At Point-of-Sale) network, state-of-the-art electronic purse (NETS CashCard and NETS FlashPay) services, internet and mobile payment gateways (eNETS and iNETS) as well as financial transaction processing services.

NETS Debit

NETS Debit is a nationwide infrastructure that enables consumers to make purchases at retail counters using their ATM cards. This service is recently expanded with the Wireless NETS Debit service, enabling NETS debit payment using a wireless terminal. Only Singaporean banks (DBS/POSB, OCBC, UOB) and Standard Chartered bank are members of the NETS debit network.

NETS CashCard

NETS introduced the NETS CashCard in 1995, a stored value smart card for use in retail purchases. Today, there are 6.5 million NETS CashCards in the market, which are predominantly used as a transport card for ERP and car park charges.

eNETS

NETS provides online payment services via its wholly owned subsidiary eNETS. As the first online payment gateway of its kind in Singapore, eNETS enables payment from all major International credit cards as well as online direct debit (internet banking payments) from the largest banks in Singapore and China, including DBS (Singapore, Hong Kong), UOB, OCBC, Citibank, Public Bank, Wang Hang Bank and BNU.

NETS FlashPay

On 9 October 2009, NETS launched the NETS FlashPay CEPAS card, a multi-purpose contactless stored value smart card that can be used for a huge variety of quick payments. The NETS FlashPay CEPAS card, which is CEPAS 2 compliant, can be used on the MRT/LRT, public buses, at ERP gantries (with the new generation in-vehicle unit) and at carparks (which have been upgraded to accept CEPAS-compliant cards) as well as at more than 10,000 retail acceptance points islandwide.
NETS tied up with fashion retailer Jay Gee Melwani Group to launch the Jay Gee Card - a NETS FlashPay CEPAS card with a loyalty programme giving customers discounts, offers and other perks.
In October 2010, NETS launched the Auto Top Up service for the NETS FlashPay CEPAS 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.

iNETS

iNETS, Singapore's first integrated platform for payment through multiple channels, was launched in 2010, enabling consumers to make fast, easy and secure payments via their mobile phones or through iNETS Kiosks located islandwide.