NETS

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.

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

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

• Payment processing services
• National payment infrastructure
• Electronic funds transfer
• Card payment network
• Clearing and settlement

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. 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.
2. 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.
3. 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.
4. 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.
5. 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

Go-to-market motion4 records

Distribution channels8 records

Marketing channels7 records

Core 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

Named customers10 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration20 records

Feature11 records

Partnerships

Twelve partnerships are on record, tiered core.

• Nexus Global Payments (NGP) / PayNetcoreStrategic or Co-development Partner · 9 February 2026Nexus 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 NetworkcoreStrategic or Co-development PartnerNETS 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 InternationalcoreStrategic or Co-development PartnerNETS 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)coreTechnology or IntegrationNETS 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)coreTechnology or IntegrationNETS 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)coreTechnology or IntegrationNETS 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)coreTechnology or IntegrationNETS 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)coreTechnology or IntegrationNETS 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 MOUcoreStrategic or Co-development PartnerIn 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 / POSBcoreStrategic or Co-development PartnerDBS 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 BankcoreStrategic or Co-development PartnerOCBC 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.
• UOBcoreStrategic or Co-development PartnerUOB 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

Broad 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

• YouTubeyoutube.com/user/SingaporeNETS
• Facebookfacebook.com/NETS.SG
• LinkedInsg.linkedin.com/company/nets
• Instagraminstagram.com/nets_sg/?hl=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NETS