NETS’ Merchants Can Now Accept Mastercard and Visa Payments on Their Terminalsby Fintech News Singapore March 14, 2023
Eligible merchants can now have access to an enhanced suite of digital payment schemes such as NETS, Mastercard, and Visa from a single payment service provider.
Most existing merchants who already accept NETS can add on Mastercard and Visa as payment options without needing to upgrade their payment terminals.
Meanwhile, new merchants will have to go through an onboarding process that takes about five days or less to get their new terminals to begin accepting payments from Visa and Mastercard.
Moving forward, small businesses with less than S$1,000,000 turnover will get competitive Merchant Discount Rates (MDR) for Mastercard and Visa payment schemes if they opt to expand their payment options in addition to NETS payment scheme.
Merchants offering NETS payment scheme can already accept overseas wallets and foreign cards payments which include MyDebit card, RuPay card, BCA card, WeChat Pay app, BHIM app, PromptPay and Alipay+.
NETS also has existing arrangements to acquire merchants for AMEX, Diners, Discover, JCB and UnionPay.
Lawrence Chan, Group CEO of NETS said,
“NETS aims to be the single point of contact for all things payments for our merchant partners. Increasingly, consumers are opting to pay digitally and NETS will continue to support our merchant partners with the relevant merchant solutions.
Our partnership with Mastercard and Visa is a big step forward for our heartland merchant partners as they can now easily tap on a comprehensive range of major payment options with less hassle and provide more choices to their consumers.”