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Wirecard Singapore and NETS team for terminal payment solution

By Antony Peyton for Banking technology

Wirecard Singapore, part of Wirecard Group, and NETS (Network for Electronic Transfers {Singapore}) have partnered to provide a single terminal payment solution for Singapore government agencies.

The move will enable users to use their CEPAS (Contactless e-Purse Application) cards such as NETS FlashPay, EZ-Link and concession cards on one single device.

Wirecard says CEPAS cards are used to make payments across major retailers, food courts, convenience stores and supermarkets in Singapore. It is also used on all MRT/LRT, public buses, selected taxis as well as to pay for road toll and CEPAS-compliant car park charges.

NETS is designated as the national payment system by the Monetary Authority of Singapore. According to Wirecard, one in three Singaporeans uses NETS every day to make payments across a network of 91,000 acceptance points nationwide. In 2015, NETS says it processed SGD 23 billion ($16.7 billion) in transactions from debit and credit transactions, CashCard and FlashPay.

As part of the new co-operation, Wirecard will acquire the merchants for CEPAS payments, while NETS will provide the terminals and acquire the merchants for NETS payments.

Totally wired

Recently, Wirecard reported revenue and profit increases in its Q1 2016 financial results.

It is also partnering with CIMB Bank Singapore to provide mobile point of sales (mPOS) card acceptance and banking solutions for clients of POS solution provider Eleos Web.

NETS shouldn’t be confused with Nets. The latter is based in Denmark and recently teamed up with JCB for Nets to use J/Speedy, JCB’s contactless technology, for Dankort payments with smartphones.

First appeared at Banking Technology

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