It may not be long till your smartphone fully replaces your physical wallet, especially with the new NetsPay app.
NetsPay is an e-wallet that allows consumers in Singapore to store their Nets ATM bankcard on their smartphones. Once they have done so, they can tap their near field communication-enabled phones on a Nets terminal to have payments directly debited from their bank accounts. For users who do not have NFC-enabled phones or are using iPhones, they can scan the QR code on the NetsPay app to pay.
Transactions below S$100 will not require users to key their PIN number before making payment, said Nets.
The e-payment service provider added that NetsPay is currently available to customers of DBS and POSB Bank. It will work for ATM cards of HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank (UOB) soon.
Other initiatives to realise a cashless Singapore
The e-wallet is one of Nets' initiatives to help Singapore become a cashless society.
Just last month, Nets announced that nearly 50 stalls at the Tanjong Pagar Plaza Market and Food Centre now accept QR code payments. To make such payments, consumers will have to open their bank's e-wallet app (eg. DBS Paylah! - which is available from mid-November -- OCBC's PayAnyone, or UOB's Mighty) and scan the Nets QR code displayed at the stall, before keying in the amount. Hawkers will then receive a confirmation on the terminals.
The terminals can also be used to accept payments via Nets and Flashpay cards. There is currently no charge on hawkers for using this payment mode, said Nets. It added that 30 hawker centres will be equipped with the standardised QR code by the end of this year.
Besides hawker centres, taxis in Singapore are also accepting Nets QR payments. Nets is also working on a Pay@Table solution, which will enable consumers to pay by simply scanning the QR code generated on the order tablet in restaurants and cafes, eliminating the need to call the waiter for bill.
In addition to that, Nets recently enhanced its developer portal. The new portal provides developers simplified APIs with samples and code snippets, immediate access to testing, real-time troubleshooting with FAQs and community, as well as supports multiple interfaces.
Nets hopes that the portal will provide greater transparency on NETS APIs to developers as the standard interface means that any future enhancement will not impact developers' existing work, lower barrier to integrating offerings with NETS services, and accelerate innovation.