GHL Enables Singaporeans to Use Their Debit Card Scheme NETS in Malaysiaby Fintech News Malaysia February 26, 2019
Singaporeans visiting Malaysia will now be able to make card payments using NETS ATM cards thanks a recent collaboration between Paynet and NETS.
Currently, the payment acceptance for the NETS scheme is available to cards issued by Singaporean banks like DBS, POSB, OCBC and UOB at selected merchants in Johor. This includes shopping malls like JB City Square, KSL City and Sutera.
By enabling Singaporeans to use the national debit card scheme, they no longer have to worry about foreign transaction fees. This move will likely increase the use of card payments by Singaporeans once the acceptance becomes more ubiquitous.
An estimated 13 million Singaporeans visit Malaysia on an annual basis and there are approximately 11 million NETS cards issued. CNBC once reported that the route between Malaysia and Singapore is the busiest in the world.
GHL’s Group CEO, Mr Danny Leong said,
“GHL is glad to be able to extend payment acceptance at our merchant base to include NETS as we believe this is a win win for both the Malaysian businesses as well as Singapore visitors to Malaysia. This cashless route for both sides will enable easier payments and we believe will lead to higher level of cashless transactions at Malaysian merchants.”