NETS Electronic Fund Transfers at Point of Sale

NETS was founded in 1985 to establish Singapore’s national PIN debit scheme, NETS Electronic Funds Transfer at Point-of-Sale (“EFTPOS”).  NETS is the EFTPOS scheme operator, processor and the acquirer of the service.  The transactions settled via NETS EFTPOS are mainly higher volume lower value retail payment transactions.  In September 2011, NETS EFTPOS was gazetted under Section 7 of the Payment Systems (Oversight) Act (“PSOA”) as a designated payment system given its widely accepted nature and potential impact on public confidence in payment systems and the financial system in Singapore.

The participants of the EFTPOS scheme are banks in Singapore.  These participants are also issuers of the NETS EFTPOS pin-debit card.

Last Modified on 26/11/2016