EFTPOS network Singapore
Payments processing technology provider Mint Payments Limited (ASX: MNW) has signed a strategic partnership agreement with Singapore’s Network for Electronic Transfers (NETS) that will add further momentum to Mint’s expansion in Asia.
Owned by Singapore’s largest banks, DBS Bank, OCBC Bank and UOB, NETS was founded in 1985 to establish Singapore’s exclusive national PIN Debit scheme, NETS Debit, which propelled Singapore into the age of electronic payments. NETS is Singapore’s most widely used electronic payment system and is designated as a national payment scheme by the Monetary Authority of Singapore, being the scheme operator, processor and acquirer.
One in three Singaporeans uses NETS everyday to make payments across a network of 91, 000 acceptance points nation-wide. In 2015, NETS processed S$23 billion in transactions from NETS debit, CashCard, FlashPay and eNETS.
Mint has entered into a five-year agreement with NETS, with a five-year option to renew, covering Mint’s entire suite of card present (CP) and card not present (CNP) payment solutions. Key terms of the partnership include the following:
- Develop and launch Singapore’s first NETS branded unified mPOS solution, licensed by Mint, that will enable merchants to accept all major credit cards and NETS debit cards through popular payment methods such as contactless, chip & PIN and magnetic swipe;
- Establish a new acquiring partnership for Mint and its channel partners in Singapore, such as ABSS (MYOB Asia), using the Mint omni-channel payments solution;
- NETS acting as a transaction-switching provider for Mint, which will enable Mint to provide its solution to all financial institutions or enterprise merchants connected to NETS’ extensive payment processing network; and
- For its rollout and implementation of the mPOS solution with NETS, Mint will receive upfront implementation and hardware fees, a recurring monthly fee from each merchant using the system and a share of all transaction fees.
