MANILA, PHILIPPINES, FEBRUARY 8, 2010—Living up to its status as a financial and commercial hub in the Southeast Asian region, Singapore recently introduced a multi-channel electronic payment system that will enable consumers to make fast, easy and secure payments through their preferred channel.
Network for Electronic Transfers (Singapore) Pte Ltd (NETS) recently launched the iNETS integrated platform for multiple channels—from mobile phones to kiosks for now and other emerging channels to follow later.
An extension of NETS, iNETS makes it convenient for consumers to transact with many merchants, including phone and utilities companies and banks. Until recently, the point of contact for electronic payment transactions between consumers and merchants is NETS. With iNETS, merchants can maximise their distribution channels, thereby increasing productivity and sales opportunity.
The company said the launch of the iNETS platform marks its “entry into Singapore’s self-service payment sector.” Only a third of the bill payments market is now addressed by the current self-service providers, with the rest being transacted through cash, cheques and electronic payment modes.
More options
NETS chief executive officer, Poh Mui Hoon, said the new service hopes to address the untapped market for electronic payment transactions to give consumers more choices, and to help merchants and other companies improve their productivity.
“We aim to tap a significant portion of this market segment. iNETS also adds to our growing list of innovative services that promotes Singapore’s drive to encourage electronic payments as a way of life,” said Poh.
With iNETS, consumers are given more flexibility and payments choices using their NETS FlashPay, NETS CashCard and NETS Debit at iNETS kiosks.
The iNETS platform is now able to introduce other innovative payment schemes such as writing virtual cheques through mobile phones. The service is called NETS Cheque.
For other transactions, such as purchasing movie tickets, consumers can use their credit cards. Initially, iNETS will be offered with 10 billers, including parking companies, utilities, credit cards, to name a few.
NETS, which is owned by major banks in Singapore, started out in the 1980s via debit cards. Eventually, it expanded to online and wireless devices.
