New app lets users pay by NetsPay with their phones

Electronic payments company Nets has officially launched its mobile wallet, NetsPay, last Thursday, on iOS and Android devices. From 19 October, users holding DBS and POSB cards will have the option of making their first mobile payment through their smartphones at accepted Nets terminals. In the following weeks, users from the five other participating banks – OCBC, UOB, Maybank, HSBC and Standard Chartered Bank – will also be able to use the NetsPay app on their smartphones to make payments at Nets terminals. With over 100,000 Nets acceptance points islandwide, it is easy to see why the launch of NetsPay is regarded as one of the most highly anticipated events in Singapore’s nascent mobile payments industry.

Similar to how WeChat Pay and Alipay operate in China, customers can now pay for their purchases with just a few quick taps on their mobile devices. For customers who use Apple Pay enabled iPhones, users can simply open the NetsPay app, select ‘Scan Code’ before scanning the vendor’s Nets QR code to complete the payment. Owners of smartphones with both near field communication enabled and NetsPay set as their default payment mode can simply tap their phones on the Nets terminal to make payment. Android users also have the alternative option of scanning the Nets QR code as well.

The latest move by Nets to dive into the mobile payments industry can be seen in the context behind PM Lee’s remarks during his National Day Rally speech, which not only highlighted the need for Singaporeans to embrace mobile payments, but also the necessity to unify the multitude of local players in the fragmented mobile payments industry. Given that the current participating banks DBS and POSB have issued seven million ATM cards, which even outnumbers the number of Singaporeans (5.6 million as of June 2017), it is clear that NetsPay is emerging as a forerunner in the race to dominate the mobile payments industry in Singapore. Even more perplexing is the push for cashless payment at hawker centres.

As Mr Anthony Seow, DBS head of cards and unsecured loans puts it, ‘[t]he user-friendliness and security of these mobile contactless platforms clearly encourages higher usage’. It is simply a matter of time before the majority of Singaporeans begin to realise the perks of paying through their smartphones and start to adopt mobile payments as their main payment mode.

Just as how WeChat Pay and Alipay have revolutionized the mobile payments industry in China, we expect to see the same in Singapore. Indeed, some may even argue that given Singapore’s high population density and penchant for technological change, this revolution will happen at an even swifter, and perhaps shocking, pace.

About FOMO Pay Pte. Ltd

FOMO Pay is an authorized partner of WeChat Pay, Alipay, UnionPay, Baidu Wallet & BestPay in Southeast Asia, and was selected as one of the Top 100 Asian Companies by e27, Top 100 Startups by Red Herring Asia, and Top 8 by DBS’ FinTech Accelerator Program, Top Fintech Startups in Singapore by Fintech Asia. FOMO Pay provides a one-stop solution for local merchants by facilitating payment collection from China market, including Chinese tourists. This comprises of online payment and in-store payment modes. FOMO Pay’s business solution serves clients from a wide range of industries, including the telecom, publishing, tourism and hospitality, F&B, education and retail industries.