NETS Group

Who we are

NETS Group is a leading payments services group comprising three entities – NETS, Banking Computer Services (BCS) and NETS Solutions. We empower consumers, merchants and banks to enjoy and deliver digital payments across the entire payments value chain.

Manage and operates
Singapore’s national payment system

Equally owned by Singapore’s three largest banks

Founding member of the Asian Payment Network and UnionPay International

Manage and operates Singapore’s national payment system

Equally owned by Singapore’s three largest banks

Founding member of the Asian Payment Network and UnionPay International

Vision

Towards a Cashless Society

We opened our doors in 1985 with the aim of establishing infrastructure, systems and services to facilitate electronic banking services and financial payments. Since then, we have stood at the forefront of cashless payments in Singapore, continuously innovating over the years to capitalise on technological advancements and keep ahead of changing consumer needs.

Our earliest service offerings comprised Interbank GIRO, which enabled the public to pay their bills electronically, and the NETS debit scheme, where consumers could make retail purchases with just a card and PIN. These marked the start of a journey that has spanned over 30 years and has seen the introduction of numerous cashless payment innovations to Singapore’s economy.

Today, NETS is an integral part of daily life in Singapore, providing innovative and diverse digital payment solutions, including NETS contactless payment, digital payments overseas as well as NETS QR payment, online and in-app payment. From shopping and transport, to transferring money and paying bills and fees, NETS ensures that each payment is made swiftly and securely every time.

Solutions

A full suite of payments and financial processing services

The Group provides a full suite of payments and financial processing services including direct debit and credit payments at point-of-sale (NETS) and online (eNETS, in-app payments), QR payments (NETS QR), card services (Prepaid, Motoring card), electronic funds transfer (FAST, Paynow, GIRO) and cheque processing services (CTS).

1. Payment Network

NETS operates Singapore’s national debit scheme that enables customers of major banks to make payments with physical or contactless ATM cards as well as mobile devices. The participating banks include DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB.

The nationwide acceptance infrastructure is the largest in Singapore.

More than 130,000

acceptance points in Singapore including major retailers, food courts, hawker centres, convenience stores and supermarkets

54,000

Unified POS terminals (which accept NETS, NETS FlashPay, NETS QR, debit and credit cards such as VISA, Mastercard, American Express, UnionPay and JCB)

96,000

QR acceptance points (for payments via NETSPay, DBS PayLah!, OCBC Digital and UOB TMRW)

NETS Bank Card

With the new generation of NETS Bank Cards, we’re doing away with the hassle of entering the PIN. Consumers can simply tap to pay with our contactless-enabled cards.

NETS QR Code

Accepts payments from different mobile apps including DBS PayLah!, OCBC Digital and UOB TMRW – giving merchants the convenience of only displaying one QR code for multiple payments.

eNETS

Allows consumers to make online and mobile payments via direct debit or credit cards at merchant websites or mobile apps.

NETS In-App Payment

This option for mobile payment delivers security and convenience, as consumers as consumers can add their NETS Bank Card on selected merchant’s mobile app and easily complete their mobile payments with just a simple click.

2. Card Services

NETS Prepaid Card

Introduced in 2022, NETS Prepaid Card is the latest payment card for public transport travel and everyday expenses. As a modern alternative to cash, it can be used for various purposes – from traveling to shopping, dining, gifting and managing expenses with dependants or foreign domestic workers.

NETS Motoring Card

Launched in 2021, NETS Motoring Card, which operates on NETS FlashPay technology, facilitates the payment of ERP, checkpoint toll and car park charges. It is also compatible with the future on-board-unit for the next generation ERP system.

NETS FlashPay Card


Contactless, multipurpose and easy to use, the NETS FlashPay card is commonly used for motoring charges, retail purchases at all NETS terminals island-wide and public transport travel.

3. Merchants Solutions

Today, our merchant network comprises 39,000 partners. NETS provides merchants with payment acceptance solutions across diverse channels (in-store, online and mobile), as well as a collection of other value-added services (Digital Receipt Management Systems, Integrated POS Solutions, self service solutions, loyalty solutions, motoring solutions).

NETS POS Terminals

Unified POS Terminals

QR Acceptance Points

Online / Mobile Acceptance

Aimed at improving cashflow, NETS merchants can receive their funds the next working day. They can also easily access their daily transaction and reconciliation reports online via the NETS Merchant Portal or on-the-go through the NETSBiz mobile app.

4. Electronic Funds Transfer

At NETS Group, we manage and operate the clearing and payment infrastructure for the Singapore Clearing House Association as well as the core electronic transfer services of FAST, eGIRO, Inter-bank GIRO and PayNow.

GIRO

An electronic direct debit mechanism, GIRO is widely used by consumers to pay bills such as public sector fees and charges, seasons parking charges, and telecommunications and utilities fees to Singapore government agencies and other billing organisations. A substantial portion of recurring charges incurred by households in Singapore, such as for personal income tax and school fees, is made through GIRO.

FAST (Fast And Secure Transfers)

Introduced in 2014, FAST was designed to meet growing demand from consumers and businesses for faster, more efficient fund transfers. Offered by 18 banks, it allows for real-time transfers of Singapore Dollar funds from one participating bank to another in Singapore. A testament to its success, FAST was named the 1st runner-up for the Most Innovative Use of Infocomm Technology (Private Sector – General) at the 2014 National Infocomm Awards.

PayNow

This enhanced peer-to-peer funds transfer service uses individuals’ mobile numbers or Singapore identification numbers to send and receive money instantly from one bank to another using FAST. It is available to customers of 7 participating banks – Citibank, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB – which make up about 90 per cent of retail transaction volumes.

5. Clearing House

NETS Group manages and operates the clearing and payment infrastructure for the Singapore Automated Clearing House (SACH). SACH provides the Singapore Dollar Cheque Clearing System, US Dollar Cheque Clearing System and Interbank GIRO System, mainly processing interbank retail payments. These systems are designated payment systems under the Payment Systems (Oversight) Act.

6. Payment and Processing Solutions

NETS Group is the market leader for payment and clearing solutions (Real-Time Gross Settlement system and Cheque Truncation System) in the region with more than 1.4 trillion in transaction value processed through its systems every year.

Innovating diverse digital payment solutions

From in-app to QR based payment, our solutions make daily transactions a tap, scan or click away.

With a tap

NETS Contactless is the new generation of contactless-enabled NETS Bank Card.

Enables fast, seamless, and secure transactions.

Accepted for retail and transit payments.

With a scan

NETS QR enables convenient mobile payment by scanning NETS QR codes using the preferred bank app.

Types of NETS QR code:

  • Dynamic QR on a NETS POS terminal screen
  • Static SGQR label at the cashier
  • Online QR at web check-out page

With a click

NETS Click allow consumers to use their NETS bank card for purchases within a merchant’s third party app.

Some of our current partners:

  • ComfortDelgro
  • Singtel
  • Pick & GO
  • AXS
  • NUSmart Dining
  • kcutGO

When overseas

DBS/ POSB, OCBC and UOB bank wallets and NETS cards issued in Singapore can be used to make overseas payments.

Travellers can enjoy competitive foreign exchange rates and zero currency conversion fees.

Milestones

Over 30 years of empowering Singapore’s cashless economy

1985

NETS is established

1992

Established Asia’s first nationwide Electronic Clearing System

1996

Implemented Asia’s first Real Time Gross Statement (RTGS) system

1997

Introduced NETS CashCard a key milestone in enabling e-payments in Singapore

2003

Introduced world’s 1st nationwide image based cheque truncation (CTS)

2009

NETS FlashPay, a contactless card for use in food courts, convenience stores, supermarket, public transport and more

2014

Launched Fast and Secure Transfer (FAST), a 24/7 retail electronic funds transfer service

2015

Introduced NETS Unified POS Solution, unifying NETS and credits card payments for the first time

2017

Launched NETSPay, a digital payment app enabling digitisation of NETS ATM bankcards for payments at NETS terminals

Launched PayNow, which facilitates fund transfer using mobile number, NRIC or Unique Entity Number (UEN)

2018

Launched PayCollect, enabling small businesses to move billings and collections online

Launched PayNow Corporate to support corporate e-payments

Commercialised ASEAN’s first blockchain-based remittance solution

2019

Launched real-time cross-border payment between Singapore and Malaysia

Launched NETS Click, an in-app payment method for taxi bookings, street hail trips, telcos and more

2021

Onboarded non-financial institutions into FAST and PayNow

Launched NETS Motoring Card, a contactless, CEPAS card for ERP and car park payments in 2nd Gen In-Vehicle Units and the future On-Board Unit

Enabled Thailand’s PromptPay – PayNow, India’s Unified Payments Interface (UPI) – PayNow, Alipay+ integration to allow cross-border payments from global customers

2022

Launched NETS Prepaid Card, the latest payment card for public transport travel and everyday expenses

Track Record

Our track record of pioneering firsts

First in

Southeast Asia

to deliver instant payments (FAST) based on ISO20022

First in

Asia

to create a nationwide Electronic Clearing System and to Implement a Real Time Gross Settlement (RTGS) system

First in

The World

to introduce an electronic prepaid card scheme on nationwide basis (CashCard), to tokenise a domestic card scheme to third party mobile platforms (NETS in-app payment), and to deliver an image-based cheque truncation system (CTS)

Our Awards

Over the years, NETS has garnered numerous accolades from the payment industry and the corporate community in recognition of our high standards of excellence. Our recent awards include:

Digital CX Awards for NETS Click

Best Customer Experience – Debit Card (Highly Acclaimed)

Outstanding Customer Experience for Digital Payments (Highly Acclaimed)

SBR Technology Excellence Award

Fintech – Payments

Named Best Employer

Kincentric

Lead HR Practice Award in Total Rewards

The Singapore HR Awards

Asia Pacific Risk Management
Team of the Year

StrategicRISK

Core Values

Our Purpose and Values

Connecting Communities, Empowering Lives

As a leading provider of digital payment services and related technology solutions in Singapore, NETS operates a widely entrenched network that connects merchants, financial institutions, corporate customers and consumers.

Our Core Values

Do the Right Thing

We act with honesty, transparency and courage to uphold our values.

Connect & Contribute

We work collaboratively and contribute generously to achieve common goals.

Keep it Simple

We create simple solutions by breaking complexities.

Take Ownership

We hold ourselves accountable for our words, actions and commitments.

Reflect & Reinvent

We continuously reflect, learn and change to improve.

Do the Right Thing

We act with honesty, transparency and courage to uphold our values.

Connect & Contribute

We work collaboratively and contribute generously to achieve common goals.

Keep it Simple

We create simple solutions by breaking complexities.

Take Ownership

We hold ourselves accountable for our words, actions and commitments.

Reflect & Reinvent

We continuously reflect, learn and change to improve.

Leadership

Our Leadership Team

Lawrence Chan

Group Chief
Executive Officer

Jocelyn Ang

Group Chief Corporate Services Officer

Desmond Goh

Managing Director

Bernard Chew

Group Chief Information Officer

Pamela Tan

Group Chief
Marketing Officer

Stephen Lee

Group Chief Risk and
Compliance Officer

Barry Fu

Group Chief Information Security Officer

Leow Yuen Fong

Group Head, Human Capital
Management

Daryl Teo

Group Head, Legal & Secretariat and Company Secretary

Saw Choo Tatt

Chief Executive Officer

NETS Solutions Pte Ltd

Ricky Lim

Chief Executive Officer

Banking Computer Services Pte Ltd

Jeremy Soo

Chairman

Sunny Quek

Director

Shee Tse Koon

Director

Eddie Khoo

Director

Melvyn Low

Director

Susan Hwee

Director

Lum Yin Fong

Independent Director

Tan Kah Chye

Independent Director

John Yong

Independent Director

Lawrence Chan

Executive Director

careers

Be part of the Fintech Revolution

We are seeking talents from diverse backgrounds who embrace change with a relentless drive to challenge norms as we embark on our next chapter of growth.

Join us as we revolutionise the payments industry for tomorrow.