Nets rolls out mobile wallet app for OCBC, UOB customers

SINGAPORE — Two more local banks have joined payment solutions provider Nets' mobile wallet application, which allows customers to make payments using their mobile phones, instead of the physical ATM cards.

Together with DBS and POSB, the latest entrants in the Nets cashless ecosystem — OCBC Bank and UOB — will allow over 11 million Nets cardholders to make e-payment through the NetsPay mobile application.

The app will allow users to store up to 10 ATM cards digitally, and make payments with a tap on their mobile phones or by scanning a QR code, Nets said in a statement on Monday (June 18). There are currently over 105,000 acceptance points island-wide.

For transactions that are below S$100, users will not have to key their PIN number before making payment.

Head of digital payments at OCBC Bank, Mr Milind Sanghavi, said: "While we have seen exponential growth in our customers' cashless payments adoption volumes, digital payments still take up only a small portion of the total number of payment transactions in Singapore, so we are delighted to deepen the partnership with Nets, with its NetsPay service, to tap into the growth opportunity in digital payments."

UOB's head of digital and mobile, regional digital banking, Mr Aaron Chiew said: "Our customers have taken to the ease of using their phones to pay by Nets, with such transactions growing an average of 198 per cent every month since we enabled Nets QR code and Nets mobile contactless payments on our mobile banking app UOB Mighty last year .

"The NetsPay app will complement our initiatives and give our customers different options that enable them to make mobile contactless payments directly from their bank accounts," Mr Chiew added.

Banks are not the only ones integrating Nets' payment option on their apps. In May this year, payment provider AXS also added the NetsPay payment option within the AXS m-station app.

Three more participating banks — Maybank, HSBC and Standard Chartered Bank — are expected to join NetsPay at a later date.

On Oct 20, 2017, just hours after NetsPay was officially launched, some DBS and POSB users faced difficulties registering their ATM cards on NetsPay and received an error message.