As motivation to hawkers to use Nets as payment of choice, Nets will provide same-day payment clearance to hawkers for e-payments collected before 17.00 (TNP, 18 Jan 2019). Payment after 17.00 will be transferred next day before 9.00. This is exclusive to hawkers only.
–
Current practice is ‘next working day’ (excludes weekends & PH). With this change, hawkers are able to use proceeds to pay suppliers and other biz expenses.
–
Nets is owned by DBS, OCBC, and UOB. Adoption of Nets by hawkers was encouraged last year by HDB, NEA and JTC in a move to set up one unifying e-payment system in Singapore. This will reduce complexity and costs.
–
Links
- Nets – Merchant Corner (https://www.nets.com.sg/merchant-corner/)
- List of e-wallets in Singapore (fintechnews.com). Note that top e-wallets will have Nets payment mode by end of Aug 2019.
- DBS bank
- OCBC
- UOB
- HDB (http://www.hdb.gov.sg)
- NEA hawker management
- JTC industry space
