NETS
NETS Group operates Singapore's national payment infrastructure — debit scheme, FAST, PayNow, GIRO, cheque clearing and RTGS — equally owned by DBS, OCBC and UOB and serving consumers, 39,000 merchants, and six major banks across 150,000+ acceptance points.
- Company typePrivate
- Founded1985
- HeadquartersSingapore, Singapore
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingServices
What NETS does
NETS Group operates and manages Singapore's national payment system, processing more than S$1.4 trillion in transaction value annually across Singapore's core clearing and settlement infrastructure. The group comprises three wholly-owned entities — NETS (consumer and merchant digital payments), Banking Computer Services or BCS (the Singapore Clearing House Association's operator of FAST, Interbank GIRO, eGIRO, Cheque Clearing, PayNow and the SGQR Central Repository) and NETS Solutions (international infrastructure licensing) — and is equally owned by DBS/POSB, OCBC and UOB, with HSBC, Maybank and Standard Chartered also participating in the NETS debit scheme. Designated under Singapore's Payment Systems (Oversight) Act, NETS operates Singapore's national debit scheme, FAST (the first Southeast Asia instant-payment rail, ISO 20022-based), PayNow, GIRO, the world's first nationwide image-based cheque truncation system, and Asia's first RTGS implementation. The consumer-facing surface spans the NETS contactless debit/ATM card embedded in all six major bank card portfolios, NETS FlashPay, NETS Prepaid Card and NETS Motoring Card (the only card accepted at ERP gantries and car parks), NETS QR / SGQR, NETS In-App Payment and NETS Click (in-app tokenised payments), supported by the NETS mobile app.
The merchant and bank surface includes NETS POS terminals, NETS SoftPOS (a 2024 terminal-less contactless solution), the NETS Integrated POS management system, eNETS Gateway for online checkout, the NETS Merchant Portal and NETSBiz app, and a 39,000-strong merchant network with over 150,000 acceptance points. NETS earns revenue primarily through transaction fees on merchant card and QR acceptance, card services and processing (including prepaid and stored-value cards), clearing and settlement fees on FAST/PayNow/GIRO/CTS volumes under the Singapore Clearing House Association mandate, cross-border transaction fees and FX margins on overseas wallet and foreign-card payments, and international infrastructure licensing and consultancy revenue via NETS Solutions. Distribution is hybrid: direct-to-consumer via bank-issued cards and the NETS app, direct enterprise sales for POS/SoftPOS and bank relationships, channel partners for SGQR labels, and white-label OEM licensing to central banks and financial institutions globally. Forward, the strategic agenda is dominated by regional cross-border interoperability (the Nexus Global Payments JV with PayNet, ASEAN payment-network MOU in October 2025, and existing linkages with Malaysia, Thailand, India, Indonesia and China) and international infrastructure exports through NETS Solutions.
NETS firmographics
Firmographics- Name
- NETS
- Legal name
- Network for Electronic Transfers (Singapore) Pte Ltd
- Website
- https://nets.com.sg
- Company type
- Private
- Founded year
- 1985
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- NETS Group operates Singapore's national payment infrastructure — debit scheme, FAST, PayNow, GIRO, cheque clearing and RTGS — equally owned by DBS, OCBC and UOB and serving consumers, 39,000 merchants, and six major banks across 150,000+ acceptance points.
- Ownership category
- akta.pro rank
NETS industry classification
Industry- Product category
- Payment Processing Infrastructure
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- akta.pro primary industry
- Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)
- akta.pro secondary industry
- Payment Gateways & API Connectivity (FSAGABAB)
Keywords
Where NETS is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices1 record
Markets served
NETS business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales
Revenue model
- Merchant Transaction Fees: NETS charges merchants transaction fees for payment acceptance via NETS POS terminals, QR codes, and online payment gateways. No subscription fees are charged for overseas wallet and foreign card acceptance — only transaction-based fees apply when payments are made.
- Card Services and Processing: Revenue from processing debit card transactions, contactless payments, and prepaid/stored value card operations (NETS FlashPay, Motoring Card, Prepaid Card) across retail, transit, and motoring use cases.
- Electronic Funds Transfer Services: NETS manages clearing and settlement infrastructure for FAST, PayNow, GIRO, and cheque clearing services for the Singapore Clearing House Association. Revenue derives from processing fees on electronic funds transfers and cheque truncation.
- International Infrastructure Licensing and Consultancy: NETS Solutions provides payment, clearing and settlement infrastructure to central banks and financial institutions globally, including system implementation, consultancy, and technology licensing. More than S$1.4 trillion in transaction volume is processed annually through NETS Solutions' systems.
- Overseas Payment Services: NETS enables DBS/POSB, OCBC, and UOB bank wallets and NETS cards to be used for overseas payments in Malaysia, Thailand, India, Indonesia, and China, earning cross-border transaction fees and foreign exchange margins.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Merchant payment acceptance — transaction-based pricing |
| Unit Pricing | One time/ perpetual license | NETS FlashPay and Prepaid Cards — stored value cards |
| Transaction based/ take rate | Pay-as-you-go | Overseas wallet/foreign card acceptance — no subscription |
Go-to-market motion4 records
Distribution channels8 records
Marketing channels7 records
NETS product offering
Product offeringCore offering
NETS Group operates Singapore's national payment system, providing debit card payment acceptance (contactless and QR), electronic funds transfer services (FAST, PayNow, GIRO), cheque truncation, and RTGS clearing infrastructure for banks, merchants and consumers. The group processes over S$1.4 trillion in transaction value annually across 150,000+ acceptance points and earns revenue through merchant transaction fees, processing fees, cross-border transaction fees, and international infrastructure licensing via NETS Solutions.
Product overview
NETS Group is a leading payments services group comprising three entities: NETS, Banking Computer Services (BCS), and NETS Solutions. It operates and manages Singapore's national payment system. The company offers a comprehensive suite of digital payment solutions organized into consumer-facing products (NETS Bank Card, NETS FlashPay, NETS Prepaid Card, NETS Motoring Card, vCashCard, NETS Contactless, NETS QR, eNETS, NETS In-App Payment, NETS Click, NETS App, NETSPay), merchant solutions (NETS POS Terminals, NETS SoftPOS, NETS Integrated POS Solution, SGQR Label, NETS QR Online, eNETS Gateway, Self Service Solutions, NETS Vending Solutions, Car Park Solutions, NETS Fleet Motoring Card, Digital Receipt Management System, NETSBiz App, Merchant Portal), payment infrastructure (FAST, PayNow, GIRO, Cheque Clearing), and enterprise solutions (NETS Bulk Payment, NETS Gateway, NETS Instant Payments, NETS Real-Time Gross Settlement, NETS Securities Settlement System, Consultancy Services). The ecosystem processes over 1.4 trillion annually through more than 150,000 acceptance points and supports cross-border payments with Malaysia, Thailand, India, Indonesia, and China.
Differentiator
Problem solved
Functional benefit
Brands
- NETS: Core consumer and merchant digital payment brand offering contactless payments, QR payments, in-app payments, and card services
- NETSPay
- Banking Computer Services (BCS)
- NETS Solutions
- NETS QR
- NETS FlashPay
- NETS Prepaid Card
- NETS Motoring Card
- eNETS
- PayNow
- FAST
- NETS SoftPOS
- NETS Integrated POS
- NETS Click
- NETS Bank Card
- vCashCard
Products and services
- NETS Bank Card
Quantifiable outcome
- Over S$1.4 trillion in transaction value processed through NETS payment and clearing solutions annually
- +3 more outcomes
Companies that use NETS
Customer profileNamed customers10 records
Segments5 records
Ideal customer profiles4 records
NETS technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration20 records
Feature11 records
NETS partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core.
- Nexus Global Payments (NGP) / PayNetcoreNexus Global Payments — a joint venture between NETS and PayNet (Malaysia's national payment network) — was awarded the contract to be the Technical Operator for Nexus Global Payments, concluding the procurement process. This partnership enables cross-border payment connectivity between Singapore and Malaysia.
- Asian Payment NetworkcoreNETS is a founding member of the Asian Payment Network, a regional body of payment network operators working to standardise and interconnect payment systems across Asia.
- UnionPay InternationalcoreNETS is a founding member of UnionPay International and facilitates cross-border payments via UnionPay QR codes and cards, enabling Chinese tourists and residents in Singapore to pay using UnionPay app.
- PayNet (Malaysia)coreNETS and PayNet established the world's first cross-border FAST payment linkage between Singapore and Malaysia, enabling real-time fund transfers between the two countries' national payment systems via DuitNow QR.
- ITMX (Thailand)coreNETS partnered with ITMX, Thailand's national switch, to enable PromptPay-PayNow cross-border QR payments, allowing Thai tourists to pay in Singapore using their Thai bank apps.
- NPCI (India – UPI)coreNETS enabled the UPI-PayNow cross-border payment linkage, allowing Indian tourists to pay in Singapore using BHIM UPI apps at NETS acceptance points.
- RAJA (Indonesia: Rintis, Artajasa, Jalin, Alto)coreNETS partnered with Indonesia's national switches (RAJA — Rintis, Artajasa, Jalin, and Alto) to launch cross-border QR payment linkage between Indonesia and Singapore in 2023.
- Alipay+ (Ant Group)coreNETS integrated Alipay+ to allow travellers with Alipay apps (China, Hong Kong), Touch'n Go eWallet (Malaysia), Kakao Pay (Korea), Gcash (Philippines), and TrueMoney (Thailand) to scan NETS SGQR codes for payments in Singapore.
- Six ASEAN Payment Networks MOUcoreIn October 2025, NETS joined five other ASEAN payment networks (PayNet Malaysia,Payments Network Malaysia; BEC, Cambodia; NADA, Cambodia; BIMA, Brunei; and NAWIRI, Laos) in signing an MOU to standardise cross-border payments across ASEAN.
- DBS Bank / POSBcoreDBS and POSB participate in the NETS debit scheme, issue NETS-enabled cards, participate in FAST and PayNow, and enable DBS PayLah! for NETS QR payments. Jeremy Soo, DBS Senior Advisor, was appointed Chairman of the NETS Board in September 2024.
- OCBC BankcoreOCBC participates in the NETS debit scheme, issues NETS-enabled cards, participates in FAST and PayNow, and enables OCBC Digital for NETS QR payments. Sunny Quek (Head of Global Consumer Financial Services) and Melvyn Low (Group Chief Strategy and Transformation Officer) serve on the NETS Board.
- UOBcoreUOB participates in the NETS debit scheme, issues NETS-enabled cards, participates in FAST and PayNow, and enables UOB TMRW for NETS QR payments. Lawrence Goh (Head of Group Technology and Operations) and Susan Hwee (Group Retail Head) serve on the NETS Board.
Scale indicators8 records
Recent moves2 records
Expansion highlights5 records
NETS competitors and assessment
Company assessmentBroad incumbents
- Mastercard: Global card network co-present at Singapore point-of-sale and online, competing for the same merchant acceptance footprint and consumer card relationships.
- UnionPay International: Chinese card network and founding member of the Asian Payment Network alongside NETS. Operates competing card acceptance in Singapore and is also a NETS integration partner for inbound Chinese travellers.
- Visa Inc. Global card network accepted alongside NETS at Singapore merchants. Visa competes with NETS' debit scheme for merchant payment volume and served as a key part of NETS Group CEO Lawrence Chan's prior career background.
Direct peers
- RAJA (Rintis, Artajasa, Jalin, Alto) Indonesia: Indonesian national payment switches collectively branded RAJA, operating QRIS and the Indonesia-Singapore QR cross-border linkage with NETS. Closely comparable as regional national-switch operators.
- NPCI (National Payments Corporation of India): India's national payment infrastructure operator, runs UPI, RuPay and other rails. NPCI is the closest large-scale peer to NETS in terms of operating instant retail payments, card schemes and clearing infrastructure at national level.
- PayNet (Payments Network Malaysia): Malaysia's national payment network and operator of DuitNow, the most direct functional peer to NETS. PayNet and NETS jointly operate Nexus Global Payments and have built the world's first cross-border FAST-DuitNow linkage.
- ITMX / PromptPay (Thailand): Thailand's national payment switch operating PromptPay, the country's dominant real-time payment and QR rail. ITMX is NETS' cross-border partner for PromptPay-PayNow, with similar national-scheme operator mandate.
Emerging players
- Stripe: Online and in-app payment processor for merchants and platforms. Competes with eNETS Gateway and NETS Click on Singapore merchant digital payment acceptance, particularly for e-commerce and SaaS billing flows.
- Alipay+ (Ant Group): Ant Group's cross-border wallet integration platform, enabling Alipay, Touch'n Go, KakaoPay, GCash and TrueMoney to scan NETS SGQR. Both a partner in cross-border acceptance and a competing digital-payments layer.
Others
- ACI Worldwide: Global provider of real-time payments, RTGS, fraud and digital wallet software to banks and central banks. Direct overlap with NETS Solutions' international infrastructure licensing and consulting business.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
NETS social profiles
Digital presenceNETS financial estimates
Financial estimateRevenue estimate
Valuation estimate
NETS leadership team
Management profileNumber of profiles
Profiles11 records
NETS subsidiaries and ownership
Company hierarchySubsidiaries3 records
NETS funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NETS M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NETS
What does NETS do?
NETS Group operates Singapore's national payment system, providing debit card payment acceptance (contactless and QR), electronic funds transfer services (FAST, PayNow, GIRO), cheque truncation, and RTGS clearing infrastructure for banks, merchants and consumers. The group processes over S$1.4 trillion in transaction value annually across 150,000+ acceptance points and earns revenue through merchant transaction fees, processing fees, cross-border transaction fees, and international infrastructure licensing via NETS Solutions.
Is NETS a public or private company?
NETS is a private company. It is classified as corporate owned and is currently operating.
When was NETS founded?
NETS was founded in 1985. It employs 501 to 1,000 people.
Where is NETS based?
NETS is headquartered in Singapore, Singapore, in the Asia region.
How does NETS make money?
Five revenue lines are on record. Merchant Transaction Fees are the primary driver. The others are card Services and Processing, electronic Funds Transfer Services, international Infrastructure Licensing and Consultancy and overseas Payment Services.
Who are NETS's main competitors?
Broad incumbents on record are Mastercard, UnionPay International and Visa Inc.. Direct peers are RAJA (Rintis, Artajasa, Jalin, Alto) Indonesia, NPCI (National Payments Corporation of India), PayNet (Payments Network Malaysia) and ITMX / PromptPay (Thailand). Emerging players are Stripe and Alipay+ (Ant Group). ACI Worldwide is listed as an others.
Does NETS have an API?
Yes. Developer portal available at developer.nets.com.sg with login access. Admin portal at admin.enets.sg for eNETS administration. Merchant Portal available at merchantconnect.nets.com.sg for transaction and reconciliation management. Specific API capabilities, REST/GraphQL architecture, authentication methods, rate limits, and sandbox availability not detailed in available materials. Developer documentation is at developer.nets.com.sg.
What industry is NETS in?
NETS's product category is Payment Processing Infrastructure. Its primary akta.pro industry code is FSAGAAAF, Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P), with a secondary code of FSAGABAB, Payment Gateways & API Connectivity. Its NAICS code is 52232.