SINGAPORE - OCBC Bank and UOB customers can now digitally store their NETS ATM bankcards on the NETSPay mobile app, NETS announced on Monday (June 18).
This allows them to make NETS payments through their mobile phones instead of using their physical NETS ATM bankcards.
NETSPay, which was unveiled in October 2017, was available to only DBS/POSB customers at launch.
With OCBC and UOB on board, more than 11 million cardholders in Singapore can now use NETSPay at more than 105,000 acceptance points islandwide, including more than 60,000 NETS QR acceptance points, said NETS.
To use NETSPay, customers simply scan the NETS QR code or tap their NFC-enabled phones against the NETS terminals at retail stores. NETSPay will enable payments to be debited directly from the customer's bank account.
NETSPay users can store up to 10 ATM bankcards on the app, allowing them to choose between bank accounts for different purchases and track their transactions by bank account, NETS said.
NETSPay users are not just limited to making QR code or contactless payments at retail stores. It is also available as a payment option within mobile apps (such as AXS m-Station) and for online QR-code payments at e-commerce websites (such as Qoo10, Audio House, NTUC Income, Singapore Mint, Metro Department Store and Rydesharing.com).
When asked how NETSPay differs from ApplePay and Samsung Pay - both are established platforms that already allow users to digitally store their NETS-supported bankcards - a NETSPay spokesman said that NETSPay is platform agnostic, which means it is compatible with many types of platforms, and uses the NETS network, and can be used at hawker centres.