The Unified mPOS solution will enable Singapore businesses to accept both contact and contactless payments on a single NETS terminal.
In addition, the Unified mPOS terminals can be integrated to the merchant’s point of sale (POS) system, resulting in greater efficiencies and cost savings in automation and reconciliation.
The Unified mPOS solution will allow merchants to receive payments in-person and on-the-go and are especially beneficial for businesses that are run on tablets and mobile devices.
Software and transaction revenues
NETS is owned by Singapore’s largest banks (DBS, OCBC & UOB) and has over 100,000 merchant payment acceptance points in the country.
Mint has signed a 5 year + 5 year software license and distribution agreement with NETS.
The company will start earning software and transaction revenues in Singapore from NETS merchants and channel partners signed up to the payment service.
Electronic payment push in Asian markets
The partnership and launch of Mint with NETS in Singapore adds further momentum to Mint’s strategy of delivering to markets in Asia that are going through a digital transformation.
The regulators in these markets are taking steps to reduce the use of cash and is promoting the use of various forms of electronic payment options.
Mint managing director of Asia Andrew Teoh said: “It is an honour to assist NETS in making a significant contribution to the Singapore government’s goal towards a cashless economy through the adoption of electronic payment options such as the Unified POS.
“We look forward to working with NETS and our other channel partners in Singapore to scale the Unified POS solution across the thousands of businesses in Singapore”.