MAY 20, 2016
JCB International and NETS Sign Merchant Acquiring Partnership in Singapore
May 20 2016
May 20 2016, Tokyo and Singapore,:JCB International Co., Ltd,(JCBI)the international operations subsidiary of JCB Co., Ltd., and Network For Electronic Transfers (Singapore) Pte Ltd(NETS)today announced a new partnership to accept JCB cards in Singapore.
Receiving an average of 15 million visitors annually and with Singapore Changi Airport operating as a regional aviation hub for over 100 airlines that fly to over 300 cities, Singapore is undoubtedly a key destination for global travellers. In particular, there has been a notable increase in tourism arrivals from Asia and India due to the greater affordability of air travel.
As JCBI builds its momentum in developing its issuing business in Asia, more emphasis will be placed on increasing its presence in Singapore through this strategic partnership with NETS. NETS is Singapore's leading payment solutions provider and the largest acquirer with a merchant network of 91,000 acceptance points.
This latest collaboration between JCBI and NETS will facilitate local and global issued JCB cards with more acceptance points for card usage, thereby aligning with the Singapore government's vision of a Smart Financial Centre where the usage of cash and cheques are reduced.
Jeffrey Goh, CEO of NETS said:“This strategic partnership aligns both NETS and JCBI's interests to deliver greater benefits to Singapore merchants. With our latest offering, Unified POS, which is a single terminal that accepts different types of payments, our merchants will be able to offer more payment options as they tap on a sizeable pool of JCB cardmembers and the significant number of Japanese tourists in Singapore.”
Vincent Ling, Managing Director of JCB International Asia Pacific Pte Ltd commented:“As Singapore continues to be a key tourist destination in Asia Pacific, a stronger JCB card acceptance will bring about enhanced conveniences to JCB cardmembers. JCBI is pleased to collaborate with NETS and we look forward to working closely together to serve our cardmembers, merchants and business partners better.”
NETS is a leading payments network in Singapore and operates Singapore's national PIN Debit scheme. ATM cards issued by participating banks DBS Bank, Maybank, HSBC Bank, OCBC Bank, Standard Chartered Bank and UOB, can be used to make NETS debit payments everywhere in Singapore.
NETS issues the CashCard, which is used extensively in the motoring market in Singapore, and the FlashPay Card, which can be used for public transport payments as well as payments at 91,000 NETS acceptance points island-wide.
NETS' latest innovation, Virtual CashCard, allows motorists to pay for their ERP charges using their credit/debit cards or via their bank account without the need for a physical stored-value card.
eNETS online payments can be made across many online and mobile merchants including government websites, airlines bookings and on AXS m-station, Taobao.com and Tmall Marketplace.
For more information on NETS and its payment services, please visit www.nets.com.sg.