eNETS 2.0 Available for Online Businesses in Singapore
NETS 2.0 aims to digitize the consumer payment experience in Singapore. Announced in 2015, NETS has taken several initiatives to work towards that goal.
In October, Singapore’s leading payment services provider NETS launched its new digital wallet, NETSPay, allowing users to pay for goods and services using the app instead of their NETS card. Payment through NETSPay is simple – users simply need to scan the NETS QR code using the app, or scan their phones on NETS terminals. The payment will be debit directly from a linked bank account, and does not require any top-up. In addition, users need not key in a PIN for transactions less than S$100.
Major banks in Singapore – DBS/POSB, OCBC Bank, and UOB – have joined NETS’ new QR code platform. This means that customers using NETS Pay, DBS’ PayLah!, OCBC’s Pay Anyone and UOB’s Mighty apps will be able to use their existing banking apps to pay at NETS terminals by scanning the NETS QR code. HSBC, Maybank, Standard Chartered Bank and Citibank will be coming onboard as well. By mid-2018, all of NETS’ payment terminals will be enabled with QR code capabilities.
Now, with the latest eNETS 2.0 initiative, NETS QR is also made available for online businesses in Singapore. This is in addition to the current online payment options offered by eNETS, such as eNETS Direct Debit and eNETS Credit.
First, users can select eNETS 2.0 as their payment option.
To conclude the payment, users only need to scan the QR code generated on the screen using their preferred mobile app.
This service simplifies the consumer experience of purchasing online, as it eliminates the hassle of customers having to key in their Internet Banking User ID and password for transactions online. Currently, this service is only extended to customers using NETS Pay, DBS’ PayLah!, OCBC’s Pay Anyone and UOB’s Mighty apps.
About FOMO Pay
FOMO Pay provides one-stop QRCode Payment Solution which enables merchants to accept a full suite of new payment methods including WeChat Pay
, mVISA, Grab Pay
, Baidu Wallet
, Best Pay
, etc. Launched in 2016 with more than 1000 merchants acquired within a year, FOMO Pay is trusted by major companies including SPH
, Marina Bay Sands
, Club 21
, CHANEL, etc. With FOMO Pay, merchants can unlock true business potential by giving customers the payment options they prefer and adopt cashless payment easily. FOMO Pay is also sitting in MAS SGQR Taskforce to promote QR code payment and make Singapore a cashless society.