Key Supervisory and Regulatory Initiatives

PAYMENT AND SETTLEMENT SYSTEMS

Latest Developments in the Retail Payment Landscape
The retail payment landscape saw new channels and products. One such development is the recent setup of the NETS-China UnionPay (CUP) linkage. Chinese visitors can now use their CUP credit and debit cards in Singapore to make purchases using NETS EFTPOS terminals at selected retail outlets and withdraw cash from the United Overseas Bank Ltd-Oversea-Chinese Banking Corporation Ltd ATM network. Another development is the extension of the use of EZ-Link cards to non-transport applications such as payment at food and beverage outlets, convenience stores and self-service kiosks.