Singapore NETS launches “Day posting” service to encourage small traders to pick up cashless transactions

In order to help small traders across the island to enter the cashless era, Singapore Star Network Electronic Payment Company (NETS) launched the industry’s fastest “Day posting” service, allowing small traders to receive money to pay through NETS on the same day.

Source: File Photos

By working with the Singapore, OCBC Bank and United Overseas Bank, NETS allows small vendors to receive money before 11 p.m. for transactions that occurred before 5 p.m. The amount of the transaction that occurs after 5 o’clock in the afternoon needs to be posted 9 o ‘ Clock the next day.

NETS sent the announcement that in order to encourage more small traders to adopt cashless payments, Nets allows small traders ‘ bank accounts to be posted daily on the same day, allowing hawkers to collect money more quickly and with more flexible cash flow.

Reporters learned that the current general cashless payment platform, are in the working day before Posting, often after midnight before Posting.

NETS This service measure, the beneficiaries include hawkers operating in hawker centres, canteens and coffee shops.
However, the same-day Posting service does not cover NETS transactions via cash CARDS and FlashPay.

Established by Singapore’s leading Banks, Network for Electronic Transfers Singapore Pte Ltd (NETS), which aims to manage payment networks and promote the widespread use of Electronic payments, has been at the forefront of Singapore’s move towards a cashless society for nearly two decades.

Today, 30,000 outlets across the island offer NETS payments, allowing cashless transactions from the smallest neighborhood store to the largest hypermarket. Merchants are well aware that NETS systems are reliable and easy to make payments.

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