Network for Electronic Transfers (NETS) has announced the launch of the NETS Prepaid Card, which is described as its first “smart” stored-value card for retail and transit.
There is reportedly no minimum age, income requirement, annual subscription fees or credit checks needed for the purchase of the NETS Prepaid Card.
Up to 10 cards may be linked to one NETS account via the NETS App with daily spending limits of up to S$1000 for each card.
Customers will get access to features like topping up on-the-go, locking and requesting refund for remaining stored value for misplaced/stolen payment cards, setting daily spending limits, and monitoring transfers made via each card.
After a card has been linked to a NETS account, clients may review the transaction history through the NETS App and also configure auto top-up when the card balance drops below a particular amount.
Clients will be able to top up their prepaid card through the NETS App via various means, which include NETS bank cards. The customer’s preferred payment card may also be stored on-file in order to speed up the process.
Commuters may also link their NETS Prepaid Card to TransitLink SimplyGo app, which is described as an initiative to introduce contactless payments on trains and buses via the partnership with various payment schemes, to see their trip details.
In order to help minimize potential fraud or abuse of the NETS Prepaid Card if it is misplaced/lost, clients may lock the card with the tap of a button on the NETS App.
This takes effect right away and there is an option to permanently terminate the NETS Prepaid Card to refund the stored value.
According to NETS, the prepaid card has the greatest number of acceptance points domestically as clients may use the card at more than 120,000 locations.
Lawrence Chan, Group CEO of NETS, said:
“The NETS Prepaid Card is part of our continued effort to connect communities and empower lives. Families will be empowered to take control of daily expenses as they can provide their dependents and domestic helper with contactless payment options that can be easily tracked. Additionally, this card can be quickly disabled if it is lost. This card is most valuable as it can be used at all NETS acceptance points and mass transit.”