Singapore’s NETS Joins Forces with India’s NPCIby Fintechnews Singapore November 14, 2017
NETS today announced that it has signed a Memorandum of Understanding (MOU) with National Payments Corporationof India (NPCI), an umbrella organization for all retail payments and settlement systems in India, to enable cross-border usage of their payment solutions in India and Singapore.
The agreement will pave the way for NETS cards and digital wallets to be used for payments in India and similarly for RuPay-powered debit and credit cards to be accepted at all NETS terminals in Singapore.
The first phase of the partnership, expected to be launched mid-2018, will see NETS and NPCI work to enable NETS-powered digital cards to be accepted as a payment option on NPCI’s e-commerce merchants’ websites in India and RuPay cards to be accepted via QR code payment at all NETS acceptance points in Singapore.
NETS CEO, Mr. Jeffrey Goh said,
“Our collaboration with NPCI is the first in a series of partnerships that we’re undertaking to develop platforms and networks that will not only drive cashless payments in Singapore, but also extend NETS’ acceptance beyond Singapore for the convenience of Singapore consumers travelling overseas.”
Come mid-2018, visitors from India will be able to make QR code payments at all NETS terminals using their RuPay cards. Concurrently, Singapore shoppers will be able to pay for goods and services on popular Indian e-commerce websites like flipkart.com, snapdeal.com via NETS-powered digital cards.
The second phase of the agreement will see the companies work towards enabling NETS cards/NETSPay acceptance on NPCI’s POS network throughout India and RuPay’s domestic card acceptance on all NETS terminals in Singapore.
This project was facilitated by International Enterprise (IE) Singapore, which saw the market need and complementary solution NETS could provide for the collaboration with NPCI. With India’s rising consumer growth and digital adoption, this cross-border digital payment gateway allows Singapore companies to tap into opportunities from Indian consumers.
Featured image via Pixabay