NETS receives SBR Technology Excellence Award for Fintech - Payments

NETS' Click project establishes tokenisation of NETS bank cards on third-party merchant mobile platforms.

Consumers have begun to demand a digital product which doesn’t require them to use their physical bank cards. Singapore Business Review (SBR) knows the significant role of digital bank cards in providing these services, which is why the SBR Technology Excellence Awards 2020 lauded winners whose work is defined by innovation, success, influence and dynamism. 

This year, NETS took home the trophy for Fintech - Payments category. The local electronic payment services provider managed to achieve what no other Singapore ATM/debit card scheme was able to do: enable bank customers to digitise their NETS bank cards as an in-app payment mode on merchant mobile applications. Apart from this, NETS Click is also recognised as the first tokenisation initiative rolled out by a domestic card scheme to third party merchant mobile platforms.

“NETS Click offers simple, intuitive and seamless payments so anyone can transact with confidence on their favourite online merchant apps. We employ next-generation card tokenisation technologies that enable secure and safe transactions for consumers to lead digital mobile lifestyles on the go wherever and whenever it suits them,” said Ricky Lim, Managing Director, Merchant Business and NETS Solutions.

For over three decades, NETS has been powering digital payments for merchants, consumers and banks. The national debit scheme has become a vital part of daily life in Singapore. Singaporeans turn to NETS to complete transactions in retail stores, hawker centers, supermarkets, convenience stores, public transportation, money transfers as well as bills and utilities.

NETS is committed to shaping Singapore into a cashless society. Their payment network is the Lion City’s largest, spanning more than 120,000 acceptance points including Unified Point-of-Sale (POS), QR and online transactions. NETS recently extended its payment services to Malaysia in key areas such as Johor Bahru, Kuala Lumpur, Penang and Malacca.

NETS Click is another milestone, which is attributed to the company’s solid expertise in the payments industry and digital transformation efforts. 

As of writing, NETS Click has witnessed significant growth in its usage on ComfortDelGro’s taxi booking app to replace cash use. 

Watch the interview below to know more about their winning project:

The Technology Excellence Awards, presented by Singapore Business Review, was held via video conferencing throughout the first and third week of June.

This year’s nominations were judged by a panel consisting of Daryl Pereira, Head of Cyber at KPMG; Cheang Wai Keat, Head of Advisory Services in Singapore and ASEAN Technology Consulting Leader at Ernst & Young; Chin Chee Choon, Advisory Leader and Assurance Director at Nexia TS; Rizwi Wun, Partner, Acting Head of Intellectual Property and Technology Practice Group at RHTLaw Asia; Carolyn Chin-Parry, Managing Director and Digital Accelerator Leader at PwC.

If you would like to join the 2021 awards and be acclaimed for your company’s exceptional technological innovations, please email Julie Anne Nuñez at [email protected]