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FINANCIAL SERVICES | Staff Reporter, Singapore

NETS rolls out same-day settlement for hawkers

Transactions done before 5 pm will be credited to their respective DBS, OCBC, and UOB bank accounts by 11 pm.

NETS launched the same-day settlement process for hawkers which will enable them to receive their sales proceeds in their bank accounts on the same day of transactions.

With the new scheme, all NETS transactions done before 5 pm will be credited to the hawkers’ DBS, OCBC or UOB bank accounts by 11 pm within the same day. Meanwhile, transactions made after 5 pm will be credited before 9 am of the next business day.

“This allows hawkers to make their own payments to their suppliers and vendors before the start of the work day for most businesses,” the announcement said.

Through the move, NETS eyes to encourage more hawkers to adopt e-payments. THe new scheme follows a series of e-payment propagation initiatives for hawkers such as the launch of QR code payments at Tanjong Pagar Food Centre in September 2017, the acceptance of EZ-Link and concession card payments on NETS terminals in hawker centres and the appointment of NETS as master acquirer to implement a unified e-payment solution at coffee shops, hawker centres and industrial canteens in September 2018.

“We’ve taken away the hassle of collection by introducing QR code and other e-payment options and now with same-day settlement, stallholders will be able to settle supplier payments and other business expenses more easily,” Ang Sok Hong, Head of Sales at NETS, commented.

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