Nets rolls out QR code-based cashless payment service for over 600 food stalls in Singapore

Yon Heong Tung
Nets rolls out QR code-based cashless payment service for over 600 food stalls in Singapore

This announcement comes just a month after Nets announced its plan to launch an e-payments app

Nets, one of Singapore’s largest payment service providers, now allows over 600 food centres in the country to conduct cashless payment transactions, according to a report by the Straits Times.

Customers will be able to pay via Nets’ QR code-based payments app NetsPay — as long as they have a NFC-enabled smartphone.

The food stalls are spread across 20 hawker centres located in areas such as Beo Crescent, Tanjong Pagar, Yishun Park and Zion Road. They are also located in tertiary institutions, including Singapore Polytechnic, Republic Polytechnic, Nanyang Polytechnic, Temasek Polytechnic and the National Technological University.

Also Read: Nets could become Singapore’s national e-payments service operator

The development comes just a month after Nets announced it will launch NetsPay in October. It had said it will integrate the app with over 30,000 of its Point-of-Sale (POS) terminals upon launch.

It had added it would bring all its bank partners, including OCBC, UOB, HSBC, DBS, Maybank and Standard Chartered, on board the app.

Currently, Nets has already onboarded DBS, OCBC and UOB. It will eventually roll out the app to the rest of its partners, as well as extend it to another bank, Citibank, which had previously been excluded.

By 2018, Nets plans to install the QR code technology on all of its 100,000 terminals across the country. This will include terminals located inside taxis, departmental stores and supermarkets.

Although Nets has a substantial share of the nation’s consumers (1 in 3 Singaporeans use Nets) having been entrenched in the market for decades, it will still face strong competition from Southeast Asian ride-hailing giant Grab.

The company had recently expanded its GrabPay service to cater for offline purchases. Like Nets, it has also implemented a QR code payment feature. Grab currently has a war chest of over US$4 billion in funding, so the fight between Grab and Nets could be a protracted one.

Image Credit: Nets

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