HSBC joins NETS payment network

HSBC has joined NETS payment network that allows its debit cardholders to make NETS payments at 87,000 acceptance points across Singapore.

HSBC joins NETS payment network

HSBC is the third foreign bank after Standard Chartered Bank and Maybank to join this network.

NETS said that the move will allows HSBC debit cardholders to enter into Singapore’s payment network, which has over 10 million cardholders.

Currently, 80% of retailers in shopping centres and 60% of neighbourhood retailers accept payments via NETS.

The NETS Debit service, which was launched in 1986, allows participating banks’ cardholders to pay for purchases electronically at the point of sale.

NETS CEO Jeffery Goh said: “We welcome HSBC to our EFTPOS network. The move will allow HSBC debit cardholders to pay for purchases electronically at all NETS acceptance points across the island, including top-up stations at all carparks and transit stations. The NETS debit network is open for participation by all QFBs and we look forward to more participation from the QFBs.”

HSBC Singapore’s head of retail banking and wealth management Matthew Colebrook said: “This is a significant milestone for HSBC’s retail banking business in Singapore. We aim to put our expertise and global reach to work to meet our clients’ needs, and the launch of NETS for our debit cardholders is a significant step in achieving this strategy.”