Look Ma, I shopped without my wallet!


A Singapore Electronic payments company NETS is upgrading to version 2.0. There will soon be no need for your wallet when you go on that shopping spree.

We all want to enjoy smoother transitions and transactions in our daily lives. So with that vision in mind, NETS is currently in pursuit on ways to improve the future through its version 2.0. This initiative will ensure the company stays ahead of the curve, and is achieved primarily by going contactless and cardless.

The transition to NETS 2.O is, however, a huge step for the company. Even with 30 years under its belt, there are challenges to overcome in assuring the firm’s relevance in today’s digital age.

But CEO of NETS Jeffery Goh remains confident that the reinvention of NETs will run smoothly to meet the market’s needs. When asked about his plans to achieve this vision of a new future, he said that the focus for this reinvention would be around embracing different types of technology.

"As we are at the crossroads of rapid convergences of payments, devices, technology, telecommunications and media, staying status quo is not an option”, he said.

How NETS 2.0 benefits you.

With upgrades of its terminals to include mobile and wearable connectivity, you can be sure that NETS will reform with better solutions to meet your ever-changing payment needs.

Going cardless.

The first of two parts in NETS 2.0 is the innovative product of a NETS band, which is essentially a wristband that acts as a pay card. This product allows users to go cardless, ensuring its foothold in the progressively sophisticated digital ecosystem. Although there has been no mention of a market launch date, 800 NETS bands were given out at the firm’s 30 th Anniversary dinner last week. So this is definitely not a fantasy!

Going contactless

In addition to the NETS band, a digital ATM card is the second part of the initiative. Due for rollout by banks in the second half of 2016, the mobile app will allow you to use your mobile phones for contactless payment at acceptance points. Yep, going contactless means more convenience for you. Gone will be the days that you’ll need to remember pin numbers and bringing your NETS card with you when you leave the house.

“I believe the mobile device is a very personal tool for everyone as the smartphone is now a constant companion in our lives,” CEO Jeffery said.

Why you should use NETS 2.0 and NOT other payment options.

NETS is a way of life and will continue to be that way when it comes to payment. Compared to other payment options that operate on a relatively closed network, NETS 2.0 assures a more central open network for you to pay someone or get paid by someone. Moreover, the initiative commits to creating a common payment platform for all – showing its guarantee of smoother transitions and transactions in your daily lives.

 

 

By Marcus Tan /Singapore September 22, 2015 2:23pm GMT +8

 

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