Gone are the days of carrying cash in our flashy wallets — e-payments are definitely here to stay, and we’re more than happy to be tapping our way through MRT gantries, paying for our meals and otherwise, though owning a credit card is more of a luxury than you’d think. Enter: the NETS Prepaid Card.
Introduced by the Network for Electronic Transfers (NETS), Singapore’s leading payment services group, the NETS Prepaid Card is the first ‘smart’ stored-value card of its kind, and ideal for retail and transit. Other than the ease of use, its key selling point is also the sheer number of vendors already on board; the card is accepted at over 120,000 acceptance points all over Singapore, making it the stored value card with the largest number of acceptance points, such that contactless payment is a breeze.
As with all stored-value cards, you’re free to top up on-the-go, while it holds as much value as you want, making it easy to track spending limits, and monitor transactions. — this is especially useful should you be using it as your main ‘public transport’ card, since it eliminates the time spent on queuing at physical top-up machines. You won’t have to fret too much if it’s misplaced as well, since it’s easy to ‘lock’ the card and request for a new card, along with all these other transactions, via the NETS app.
The linking to the smart app opens up other advantages too. Users can set up automatic top-ups for the card to ensure a steady flow of funds for your daily expenses, or if you’re using it for your daily commute. Currently, up to 10 cards can be linked to one NETS account via the NETS app, which makes it easy to track expenses for the entire family too.
There is no minimum age or income requirement, no annual subscription fees and no credit checks for the purchase of the NETS Prepaid Card. Daily spending limits of up to $1000 can be set for each card, which makes it useful for family members (or even domestic helpers) to get them in on the digital payment era.
That it’s a prepaid card also means that it can be customised as a gift card, where your loved ones are free to spend at any NETS-accepting merchants, rather than being confined to, say, a particular store or group of malls.
Here are all the key features of the NETS Prepaid Card:
- Everyone can own a NETS Prepaid Card, as no credit approval or bank account is needed.
- The NETS Prepaid Card is accepted at over 120,000 retail points in Singapore, and can be used for public transport as well.
- Using the NETS App, users can top up on-the-go, enable auto top-up, track and manage daily and/or household expenses, and set daily spending limits; you may also link up to 10 cards to a single NETS account.
- The stored-value card concept means it’s easy to safeguard funds from fraud and misuse.
- It can also be customised as a gift card, providing recipients with the freedom to shop anywhere.
The NETS Prepaid Card, available at 7-Eleven convenience stores, Buzz, Japan Home, Mustafa, Sir Handphone, TransitLink Ticket Offices at MRT stations and bus interchanges, NETS Customer Service Centre as well as Lazada and Shopee.