ConfessionS Of A SleePlesS MinD

Kermit's 5W+H

Ignorant me had always thought that NETS was a global initiative and everyone in the world was using NETS. But the fact is that:

NETS stands for Network for Electronic Transfers (Singapore) Pte Ltd.
It is in fact a Singaporean initative.

NETS was founded as a result of a need for a centralised e-Payment operator by Singapore’s local banks: DBS, Keppel Bank, OCBC, OUB, POSB, Tat Lee Bank and UOB.
NETS is now owned by DBS, OCBC and UOB. The first product launched was the NETS EFTPOS (electronic fund transfers at point-of-sale) service. This allowed Singaporeans to use a card and a PIN number to automatically withdraw funds from their bank accounts at points-of-sale.NETS then introduced the shared ATM network in 1988. DBS, Keppel Bank, OCBC, OUB, POSB, Tat Lee Bank and UOB cardholders could use the ATM facilities of any of these banks.

In 1996, NETS also introduced CashCards – a stored value smart card for use in retail purchases.

NETS products and services are currently marketed throughout Asia, including China, Hongkong and South East Asia.

posted by KERMIT @ 3:20 PM