How is NETSPay different from other mobile wallets in the market?

Singapore is on her way to becoming a cashless society. Highlighted as one of the key themes of Prime Minister Lee Hsien Loong’s speech in this year’s National Day Rally Speech, government agencies, major banks and payment service providers in Singapore are shaping up to offer cashless options for consumers and merchants here.

In the recent years, mobile payments have taken Singapore by storm. With a high mobile phone penetration rate and literacy rate, it is not surprising that Singaporeans are quick to pick up mobile payment options. Popular mobile payment apps and mobile wallets available in Singapore include DBS PayLah!, Singtel Dash, Apple Pay, Android Pay, OCBC’s Pay Anyone, UOB’s Mighty and the latest addition to the group – NETSPay.

In this article, we’d be examining what are the key differences between NETSPay and other existing mobile wallets in Singapore.

Firstly, many existing mobile wallets in Singapore only extend their main services to their own customers. For example, OCBC’s Pay Anyone only allows OCBC customers with a bank account to send money to their contacts or pay at participating stores via QR codes. This is the same for UOB’s Mighty and Citibank’s Citipay. However, NETSPay unites the fragmented platforms by allowing customers access all their cards via a single mobile application. To scan and pay for products, customers just need to open the NETSPay app, select SCAN CODE, and scan the NETS QR code either on a sticker or on the NETS terminal. The app currently supports only DBS/POSB, OCBC Bank, and UOB cards, but other major foreign banks – HSBC, Maybank, Standard Chartered Bank and Citibank – will be added to the list by 2018.

In addition, payments will be debited directly from their bank accounts without a need for top-ups. Currently, non-DBS/POSB account holders who use DBS PayLah! will have to top up funds into the PayLah mobile wallet. Similarly, DASH requires its users to top up the app with cash before using the app. With NETSPay, this extra step is eliminated.

The NETS QR code payment system is currently available at 300,000 cceptance points, and the company aims to extend this service to all of its 100,000 acceptance points by mid-2018.

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, NETSPay, 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, StarHub, JUMBO, 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.