UnionPay International and NETS Enter into Strategic Partnership with Major NETSPay App Upgrade
SINGAPORE, 11 September 2018 – Singapore consumers can now use the NETSPay app to make e-payments when they travel overseas, thanks to a new partnership between Singapore’s leading payments solutions provider NETS and global payment network UnionPay.
The enhanced NETSPay app comes with a new wallet feature that enables consumers to scan and pay for purchases at over 7.5 million UnionPay QR code merchants globally. They can also make contactless payments using their near-field communication (NFC) enabled smartphones at close to 12 million UnionPay QuickPass contactless acceptance points without the need to use foreign currencies (cash) when travelling.
The enhanced NETSPay app also offers a number of new features (see Annex). In addition to overseas payments, users can send money to or receive money from other NETSPay users via mobile numbers or QR code. In addition, those looking to send gifts to family or friends can send e-angbaos (or electronic red packets) to their loved ones using the app. This is in addition to QR code payments in Singapore, including SG QR.
“This partnership between UnionPay and NETS is significant on several levels. First – the launch of the enhanced NETSPay app affirms our commitment to providing innovative payment products and services that can enable greater convenience and ease of payment for local consumers and businesses. Second – the enabling of NETSPay acceptance at UnionPay QR code merchants and UnionPay QuickPass contactless acceptance points around the world will allow local NETS users to make QR code and contactless payments everywhere they go, including at key destinations such as Australia, China, Hong Kong, Japan, Malaysia, South Korea and Thailand when they travel overseas,” said Wenhui Yang, General Manager for UnionPay International South East Asia.
The partnership comes on the heels of a recent survey that ranked NETSPay as one of the top 3 most frequently used mobile wallet apps in Singapore. NETS Group CEO Jeffrey Goh added that NETS is always looking for new ways to make cashless payments seamless for its users. Mr Goh shared, “Working with a leading global partner such as UnionPay is part of our efforts to make NETS services seamless for our Singapore consumers. Now whether you’re shopping in Shanghai or paying for your chicken rice at your favourite hawker stall in Singapore, all you need is NETSPay.”
The enhanced NETSPay app is available for download from the Apple App Store and Google Play Store.
About UnionPay International
UnionPay International (UPI) focuses on the international business of UnionPay, a global payment network that serves the world’s largest Cardholder base. With over 7 billion UnionPay cards issued in 48 countries and regions, over 51 million merchants and 2.57 million ATMs accepting our cards in170 countries and regions, UnionPay is currently one of the fastest-growing payment networks in the world. In Southeast Asia, UnionPay has enabled ATM, POS acceptance and card issuance across all 10 countries.
As a company with a global acceptance network and a wide range of world-class payment services, UnionPay is committed to providing access to value and secure payment solutions that are tailored to the needs of the local market, to enable choice and ease of payment for consumers and businesses alike.
In Southeast Asia, UPI has enabled ATM, POS acceptance and card issuance across all 10 countries. In Singapore, UPI partners Bank of China (BOC), DBS Bank, Industrial and Commercial Bank of China (ICBC) and United Overseas Bank (UOB) to provide a wide array of payment products and services. For more information, visit www.unionpayintl.com.
The NETS Group is a leading payments services group, enabling digital payments for merchants, consumers and banks across the entire payments value chain.
The Group operates Singapore’s national debit scheme enabling customers of DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB to make payments using their ATM cards or mobile devices at more than 105,000 acceptance points in the country as well as online payments. The NETS network also accepts NETSPay, UnionPay and BCA cards, and includes 46,000 Unified POS terminals and 60,000 QR acceptance points. NETS is also the issuer of CashCard and Flashpay cards.
The NETS Group manages and operates the clearing and payment infrastructure for the Singapore Clearing House Association and core electronic transfer services FAST, Inter-bank GIRO and PayNow.
It is the market leader for payment and clearing solutions (Real-Time Gross Settlement system and Cheque Truncation System) in the region with some S$1 trillion in transaction value processed through its systems every year.
NETS is a member of the Asian Payment Network and a council member of UnionPay International.
For more information on the NETS Group, please visit www.nets.com.sg.