Singapore-based payment services group Network for Electronic Transfers (NETS) has launched the NETS Prepaid Card, a ‘smart’ stored-value card for retail and transit. When purchasing the NETS Prepaid Card, no minimum age, income requirement, annual subscription fees, or credit checks are needed, and users can link to one NETS account up to 10 cards through the NETS app, having a spend limit of up to USD 723 (S$1000) for each card.

Part of the features that users will have access to are: 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. Additional card capabilities Following the linking of a card to a NETS account, users are given the option of reviewing the transaction history via the NETS app, as well as configuring automated top-up whenever the card balance is below a certain amount. Furthermore, users will be enabled to top up their prepaid cards via the NETS app through a variety of means, including NETS bank cards, and, in addition to this, they will also be able to store their preferred payment card on-file to have the process expedited.

What is more, commuters are also given the option of linking their NETS Prepaid Card with the TransitLink SimplyGo app, an initiative that is aimed at introducing contactless payments on trains and busses through a partnership with various payment schemes to see details related to their trip. When talking about helping with the minimisation of possible fraud and abuse of the NETS Prepaid Card should it be misplaced, users cand lock the card on the NETS app with a simple tap of a button, with the action taking effect immediately. Furthermore, users also have the option of terminating the NETS Prepaid Card permanently to refund the stored value.

Having the largest number of acceptance points locally, as per information provided by NETS and quoted by Fintechnews Singapore, the prepaid card can be used by consumers at more than 120,000 places. When talking on the announcement, NETS company representatives have stated the launch of the NETS Prepaid Card marks a step forward in the group’s efforts in connecting communities and empowering lives, continuing by saying that families will be empowered to take control of their daily expenses, as they can provide their dependent and domestic helpers alike with contactless payment options that can be tracked in an easy manner. As the card can be quickly disabled when and if lost and can also be used at all NETS acceptance points and mass transit, the company believes the card to bring increased value to their customers.

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