HSBC debit cardholders will be able to make Nets payments at 87,000 acceptance points island-wide, businesstimes.com.sg reports. In particular, drivers and commuters will be able to top-up their cash cards and MRT cards. Via this recent move, HSBC debit cardholders will tap into the Singaporean payment network, with 10 million cardholders.
Citibank remains outside the Nets network among the foreign banks here with a significant retail presence. Its customers currently have access to various alternative payment channels, via Visa and Mastercard terminals at retailers, said Peng Chun Hsien, Citibank Singapore head of merchant business, networks & emerging payments.
The Nets Debit service was launched in 1986 to enable participating banks cardholders to pay for purchases electronically at the point of sale. The network has promoted e-payments across all sectors including taxis, retail, groceries and bill payments. 80% of retailers in shopping centres and 60% of neighbourhood retailers accept Nets.
In June, 2015, HSBC said Singapore will remain one of the groups priority markets in its pivot to Asia strategy as part of an overall plan to reduce costs and reverse declining profits. HSBC aims to locally incorporate the retail business, focus on the affluent segment and expand its private banking business to capture cross-border flows.
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