Nets, Australia's Mint to develop mobile payment system that also accepts all major credit cards

SINGAPORE - Nets has inked a five-year agreement with an Australian company to develop and launch Singapore's first Nets-branded unified mobile payment solution (mPOS) that will enable merchants to accept all major credit cards and Nets debit cards.

Its Aussie partner, Mint Payments, is a listed payments processing technology provider.

For the rollout and implementation of the five-year mPOS solution with Nets, Mint will receive upfront implementation and hardware fees, a recurring monthly fee from each merchant using the system and a share of all transaction fees.

Nets CEO Jeffrey Goh said in an announcement on Tuesday (April 12): "We look forward to this strategic partnership with Mint to deliver end-to-end payment solutions that will benefit our merchants in Singapore."

One in three Singaporeans uses Nets every day to make payments across a network of 91,000 acceptance points nation-wide, said the company. In 2015, Nets processed S$23 billion in transactions.