Payment systems provider Nets will launch its e-payment app in October, which will let users create and store a digital version of their Nets ATM bankcard which they can use at merchants that accept the service.
It is also rolling out digital payment infrastructure for merchants to include support for QR (quick response) code and contactless payments made through mobile phones or contactless Nets bankcards.
The new app, called NetsPay, allows users to pay using the app instead of a physical Nets card. This is done by using a mobile gadget the app is installed on to scan a QR code sticker on a product, or by tapping the device on Nets terminals.
NetsPay will launch first with one bank on board, with other banks following suit weeks later. Although Nets declined to mention specific banks for now, the company said its six partner banks will come on board eventually: DBS, OCBC, UOB, HSBC, Maybank and Standard Chartered.
Nets chief executive Jeffrey Goh outlined the company’s future plans for cashless payments on Tuesday (Sept 12), signalling the final push of the company’s two-year Nets 2.0 initiative to expand beyond physical card-based payments to mobile phone-based payments.
Nets is also rolling out support for wearables, such as Android-based smartwatches which are linked to a Nets ATM bankcard. This way, users can simply tap their watches or smart bands on a Nets terminal to make payment.
Besides Nets’ own e-payment app, the QR code and contactless payment systems will also work with the e-wallet apps from three banks: DBS’ PayLah, OCBC’s Pay Anyone and UOB’s Mighty.
Nets is working to outfit all of its over 100,000 acceptance points with such digital payment capabilities. About 30,000 are currently ready, with a planned target of 60,000 by the end of 2017.
Last Saturday (Sept 9), the company rolled out QR code payments at almost 50 hawker stalls at Tanjong Pagar Plaza Market and Food Centre. Mr Goh said the company aims to have 30 hawker centres outfitted with such cashless payment options by the end of 2017.
New areas they are exploring for digital payments via Nets include scanning a QR code to exit from a carpark, or to purchase items from a vending machine, and even online payments.