MUNICH and SINGAPORE, May 25, 2016 /PRNewswire/ --
- Pave the way for government agencies to accept NETS FlashPay, EZ-Link and concession card for payments
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.
Wirecard AG is a global technology group that supports companies in accepting electronic payments from all sales channels. As a leading independent supplier, the Wirecard Group offers outsourcing and white label solutions for electronic payments. A global platform bundles international payment acceptances and methods with supplementary fraud prevention solutions. With regard to issuing own payment instruments in the form of cards or mobile payment solutions, the Wirecard Group provides companies with an end-to-end infrastructure, including the requisite licences for card and account products. Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI). For further information about Wirecard, please visit http://www.wirecard.com or follow us on twitter @wirecard.
NETS is a leading payments network in Singapore and operates Singapore's national PIN Debit scheme. ATM cards issued by participating banks DBS Bank, Maybank, HSBC Bank, OCBC Bank, Standard Chartered Bank and UOB, can be used to make NETS debit payments everywhere in Singapore. NETS issues the CashCard, which is used extensively in the motoring market in Singapore, and the FlashPay Card, which can be used for public transport payments as well as payments at 91,000 NETS acceptance points island-wide. NETS' latest innovation, Virtual CashCard, allows motorists to pay for their ERP charges using their credit/debit cards or via their bank account without the need for a physical stored-value card. eNETS online payments can be made across many online and mobile merchants including government websites, airlines bookings and on AXS m-station, Taobao.com and Tmall Marketplace. NETS is a member of the Asian Payment Network and a council member of UnionPay International. BCA and UnionPay cards are accepted on the NETS network. For more information on NETS and its payment services, please visit http://www.nets.com.sg.
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SOURCE Wirecard AG