- Kyle Chua
NETS Group Partners With Mastercard, Visa To Acquire Singapore Merchants
Network for Electronic Transfers (NETS) Group is working with credit card giants Mastercard and Visa to acquire merchants directly in Singapore.
The partnership makes Singapore’s leading cashless services group a one-stop-shop payment solution, providing eligible merchants access to an extensive range of payment spanning local and international schemes.
With today’s announcement, merchants already supporting NETS payment can start accepting overseas wallets and foreign card payments which include MyDebit card, RuPay card, BCA card, WeChat Pay app, BHIM app, PromptPay and Alipay+. Apart from those mentioned, NETS has existing arrangements to acquire merchants for AMEX, Diners, Discover, JCB and UnionPay.
Consolidating payment schemes allows small businesses with less than S$1,000,000 turnover to enjoy competitive Merchant Discount Rates (MDR) for Mastercard and Visa if they opt to expand their payment options in addition to NETS. They also enjoy the convenience of liaising with a single payment service provider. Previously, they had to talk to multiple parties to get access to local Mastercard and Visa payment options.
NETS Group touts that the onboarding takes five days or less. Most existing merchants who already accept NETS can add Mastercard and Visa as payment options without needing to upgrade their payment terminals.
For customers, meanwhile, they can expect more merchants to accept their preferred payment option, which also makes it convenient for them to shop and dine, whether they’re local or a tourist.
"We are constantly looking for ways to drive value-added solutions for our merchant partners. To do so, we are expanding our role to be an acquirer of choice to our merchants. NETS aims to be the single point of contact for all things payments for our merchant partners," said Lawrence Chan, Group CEO of NETS.
NETS Group operates Singapore’s national debit scheme enabling customers of DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB to make payments using their ATM cards or mobile devices at more than 130,000 acceptance points across the country, along with online payments.
NETS Group is partnering with Mastercard and Visa to acquire merchants directly in Singapore.
The partnership makes Singapore’s leading cashless services group a one-stop-shop payment solution, providing eligible merchants access to an extensive range of payment spanning local and international schemes.
Consolidating payment schemes allows small businesses with less than S$1,000,000 turnover to enjoy competitive Merchant Discount Rates (MDR) for Mastercard and Visa if they opt to expand their payment options in addition to NETS.