NETS presents its new FlashPay smart card



image Electronic payment provider NETS has launched a new smartcard called the FlashPay card offering Singaporeans more cashless payment possibilities.

The new stored-value card promises to bring convenience in a flash.

The NETS FlashPay card can be used for public transport, ERP gantries and carparks, as well as at over 2,500 retail outlets.

NETS currently has 37,000 merchant partners with some 2,500 of them already FlashPay enabled.

Singapore’s other smartcard, EZ-Link has about 70 merchant partners.

In a statement issued to MediaCorp, Ez-Link said it welcomes the competition and we believe that competition is good for the industry.

With the launch of this new card, NETS is hoping to tap into small value payments at convenience stores, food and retail outlets and supermarkets.

It estimates that about S$1 billion worth of cash-based transactions in this segment could be converted into electronic payments.

The CEPAS-enabled FlashPay card can store a value of up to S$500.

It’s also the company’s entry into the S$1.3 billion transit market where it’s confident of capturing a significant share.

The company is also working with banks to roll out ATM and debit cards that will be integrated with FlashPay’s stored value capacity.

OCBC and UOB banks will start issuing these cards in November while DBS bank will issue theirs in March next year.

This unique feature is a world first and will allow cardholders to top up while they pay for purchases.

Poh Mui Hoon, chief executive officer, NETS, said: "We look at it as a lifestyle card in the sense that we look at what our consumers will need in their busy lives and how we can make it easier for them. We also look at our merchants and how do we make their business easier."

To celebrate the launch, the company is offering cards with S$5 of bonus transit value and you get a S$7 bonus if the card is purchased at iNETS kiosks.

The promotion runs while stocks last.

Each card also comes with a complimentary one-year insurance of up to S$20 for lost cards and up to S$5,000 for permanent disability due to a public transport accident.

Source http://www.channelnewsasia.com/stories/singaporelocalnews/view/1010354/1/.html#

ECJ




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