Singapore
By mid-2018, all of NETS’ payment points will be enabled with QR code capabilities.
NETS’ first standardised QR code displayed at a stall at Tanjong Pagar Plaza Market and Food Centre. (Photo: Lee Li Ying)
SINGAPORE: By the middle of next year, seven banks in Singapore will offer consumers the option of paying using NETS QR code.
In a joint press briefing on Monday (Nov 20), DBS Bank, OCBC and UOB said they have come onboard NETS’ QR code platform. They will be joined by HSBC, Maybank and Standard Chartered Bank to enable this payment offering.
Citibank is also on board, offering the payment option for small, cash-based merchants, they said.
The unified QR code payment platform will be able to accept payments from customers using NETSPay, DBS PayLah!, OCBC Pay Anyone and UOB Mighty, while the four foreign retail banks are “expected to offer this service shortly”.
All of NETS’ acceptance points will be QR code-enabled by mid-2018, according to the press release.
To encourage the installation of NETS terminals by hawkers, NETS is waiving all terminal and transaction fees for three years, it said.
As for consumers, NETS and the three local banks are launching a S$15 million, four-month promotion campaign. From Nov 17 to Mar 31, 2018, the first 288 customers who make eight QR code payments a month at any participating hawker centre will receive S$28 in rebates.
During the same period, the top three hawkers who have the highest number of cashless transactions on a monthly basis will receive $388, $288 and $188, respectively, they added.
Currently, hawker centres with NETS QR payment capability include Yishun Park Hawker Centre, Tanjong Pagar Plaza Food Centre, Redhill Food Centre and Amoy Street Food Centre.
