NETS Rolls Out Prepaid Card With Daily Spending Limits of up to S$1000 PlatoBlockchain Data Intelligence. Vertical Search. Ai.

NETS Rolls Out Prepaid Card With Daily Spending Limits of up to S$1000

Network for Electronic Transfers (NETS) has announced the launch of the NETS Prepaid Card, its first ‘smart’ stored-value card for retail and transit.

There is no minimum age, income requirement, annual subscription fees or credit checks required for the purchase of the NETS Prepaid Card.

Up to 10 cards can be linked to one NETS account through the NETS App with daily spending limits of up to S$1000 for each card.

Users will have access to features such as topping up on-the-go, locking and requesting refund for remaining stored value for misplaced cards, setting daily spending limits, and monitoring transactions made on each card.

Once a card has been linked to a NETS account, users can review the transaction history via NETS App and also configure auto top-up whenever the card balance dips below a certain amount.

Users will be able to top up their prepaid card via the NETS App through various means, which include NETS bank cards. The user’s preferred payment card can also be stored on-file to speed up the process.

Commuters can also link their NETS Prepaid Card to TransitLink SimplyGo app, an initiative to introduce contactless payments on trains and buses through the partnership with various payment schemes, to see their trip details.

To help minimise possible fraud or abuse of the NETS Prepaid Card if it is misplaced, users can lock the card with the simple tap of a button on the NETS App.

This takes effect immediately and there is also an option to permanently terminate the NETS Prepaid Card to refund the stored value.

According to NETS, the prepaid card has the largest number of acceptance points locally as consumers can use the card at over 120,000 places.

Lawrence Chan, Group CEO at NETS

Lawrence Chan

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.”

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  • Source: https://fintechnews.sg/67105/payments/nets-rolls-out-prepaid-card-with-daily-spending-limits-of-up-to-s1000/

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