NETS unveils Android-based contactless payment solution in SG

Network for Electronic Transfers (NETS), a leading payment services group in Singapore, has introduced NETS SoftPOS, a new terminal-less payment solution. This innovative technology allows merchants to use their Android smart devices as payment terminals, facilitating contactless payment transactions. The application can be downloaded from the Google Play Store.

With NETS SoftPOS, merchants are now able to accept a variety of contactless transactions, including card, QR, and mobile payments. Supported card payments encompass NETS ATM/debit card, NETS Prepaid Card, and major international card schemes. Additionally, QR payments can be processed through DBS, OCBC, and UOB banking apps, as well as from various overseas banking and wallet apps from countries such as China, Indonesia, Malaysia, and Thailand.

The introduction of NETS SoftPOS aims to lower entry barriers for merchants looking to meet the growing consumer demand for contactless payment options. It eliminates the need for additional terminals or hardware, integrating seamlessly into existing workflows and offering flexibility for on-the-go payment acceptance. The solution is designed to be both secure and cost-efficient.

"With NETS SoftPOS, we are empowering merchants with a cost-efficient payment solution to accept payments anytime and anywhere at no incremental cost. By leveraging their existing smart devices, including mobile phones and tablets, we are providing merchants with payment options while maintaining high security standards for contactless transactions. We are excited to offer this innovative solution as part of our commitment to value-add to our merchants," stated Lawrence Chan, Group CEO at NETS.

NETS SoftPOS is compatible with most Android-based devices, including both single and dual screen POS hardware and tablets, providing merchants with the option not to use their personal mobile devices. The pilot scheme already includes a variety of NETS merchants from diverse sectors such as food and beverage and retail.

The NETS Group is a payments services group, focused on enabling digital payments for merchants, consumers, and banks across the entire payments value chain.

The Group operates Singapores national debit scheme enabling customers of DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB to make payments at more than 130,000 acceptance points in the country.

The NETS network also accepts overseas wallets and foreign cards payments which include cards from BCA, MyDebit, RuPay, UnionPay and apps from Alipay+, BHIM, participating Malaysian, and Thai banks, UnionPay and WeChat Pay. NETS is also the issuer of NETS FlashPay Card, NETS Motoring Card and NETS Prepaid Card.

The NETS Group manages and operates Singapores clearing and payment infrastructure for core electronic transfer services FAST, Interbank GIRO, eGiro and PayNow. It is the market leader providing payment and clearing solutions (Real-Time Gross Settlement system and Cheque Truncation System) in the region.