From September, electronic payment company Nets will release a contactless debit card that is linked to your bank account. It can be used to pay for travel and shopping, and also serve as a bank card to withdraw cash and carry out other banking transactions.

It will be touch-and-go to pay for bus and train rides. Insert the same card into your vehicle's card reader to pay road tolls and carpark charges.

The stored value can also be used to pay for your shopping or meals at establishments which will be fitted with new contactless payment terminals.

When you run out of cash, key in your PIN code at the terminal and pay for your purchase directly from your bank account and top up the card at the same time.

At ATMs, it will work like a regular bank card.

The new card, which will be issued by the three local banks DBS, UOB and OCBC, marks Nets' first foray into the transit market.

This brings it into direct competition with EZ-Link, which first came up with a similar multi-purpose smart card in January.

To date, 2.4 million of these new-generation ez-link cards are in use for travel needs as well as in outlets of fast food chain McDonald's and convenience store 7-Eleven, and all 3,000 SMRT taxis.

Two other smart card operators are expected to enter the transit market, the Land Transport Authority had said previously.

Read the full story in Friday's edition of The Straits Times.