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     FrontPage Edition: Thu 12 October 2006

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NETS launches debit card payment service for the taxi market

Source: www.nets.com.sg

NETS Launches Singapore¡¯s First ATM Bank Card Payment Service for Taxi Market

Enjoy fast and convenient cashless payment with your NETS-enabled ATM bank card onboard all 15,300 ComfortDelGro taxis.

Singapore¡¯s leading electronic payments provider, NETS, today announced the launch of the nation¡¯s first debit card payment service for the taxi market, ushering a new era of cashless convenience for passengers.
With this new wireless service, taxi passengers will be able to pay their fare using their NETS-enabled ATM bank card onboard all ComfortDelGro taxis, which comprise the Comfort, CityCab and Yellow-Top brands.
This is expected to translate into greater convenience as taxi passengers need no longer worry about being short of cash, queuing up at ATMs or running low on cash after paying their fare.
The payment process is identical to NETS¡¯ EFTPOS (Electronic Funds Transfer at Point-Of-Sale) service that is widely available at retail outlets, where the card is swiped and the customer has to enter a PIN.
For each successful transaction, passengers pay an administrative fee of just 30 cents. This contrasts with the pricing model adopted by overseas taxi operators, which commonly impose a ten percent surcharge for debit payment.
¡°NETS has been evaluating the taxi market for some time, and the technology has progressed to the point where we are ready to launch an electronic payment service, offering the same quality and reliability consumers have come to expect from us,¡± said NETS CEO Poh Mui Hoon.
¡°This new payment service lets consumers use their NETS-enabled ATM bank card onboard taxis for the first time, and represents the very innovation we strive to deliver to the market through our smart and savvy payment solutions,¡± she added.
The wireless EFTPOS payment service will be initially available onboard 3,000 ComfortDelGro taxis starting November, with the rollout across the rest of the 15,300-strong fleet scheduled for completion in May 2007.
By then, seven out of 10 taxis will be offering this service in Singapore, where more than six million NETS-enabled ATM bank cards are in active circulation.
¡°We are pleased to introduce NETS payment on our taxis. This is something many of our passengers have been looking forward to and we are glad to finally roll it out,¡± said ComfortDelGro Taxi Business CEO Yang Ban Seng.
Consumers aside, cabbies are expected to benefit from NETS¡¯ wireless EFTPOS service in their vehicles. They will enjoy the convenience of having their daily takings credited into their bank accounts the following working day, which saves them time spent queuing up at the bank for deposits. Carrying less cash onboard will also lower their risk to crime, ensuring better security and peace of mind.
To drive usage of this new payment service, NETS will be launching a promotion whereby one lucky taxi passenger will walk away with the grand prize of $10,000 worth of free taxi rides.
In addition, there will also be one lucky taxi passenger per month who will win $1,000 worth of taxi fare. To participate, customers only need to pay their taxi fare with their NETS-enabled ATM bank card. Promotion will start from November and end on 31 May 2007 and details are available at www.nets.com.sg.
About NETS
NETS celebrates its 21st Anniversary this year. The company was founded in 1985 to operate and manage an on-line debit payment service. It has since pioneered Singapore¡¯s move to cashless society and grown from a single to a multi¨Cservice organisation, providing a comprehensive range of electronic payment services.
Based in Singapore, NETS is expanding internationally with a vision to be the preferred world-class solutions provider for payment and processing services, accepting multi-media and multi-channel transactions on behalf of companies, institutions and individuals around the world. NETS products and services are currently marketed throughout Asia, including China, Hong Kong and South East Asia.
NETS provides merchants, banks and consumers with fast and convenient electronic payment services for carrying out everyday transactions.
With a willingness to push new technology frontiers, NETS is continuously developing new payment solutions to create an integrated multimedia platform that allows payments to be made seamlessly across mobile, wireless and physical arenas. With a growing range of payment services, NETS is poised to become the integrated payment gateway for Asia.
Find more information on NETS and its payment services at http://www.nets.com.sg.
About ComfortDelGro
ComfortDelGro is the world¡¯s second largest land transport company with a total fleet size of 40,000 buses, taxis and rental vehicles.
Headquartered in Singapore, the Group also has operations in China, the United Kingdom, Ireland, Australia, Vietnam and Malaysia. Currently overseas ventures account for 44% of Group revenue. The Group intends to derive half of its total revenue from abroad in the next three to five years.

Source: www.nets.com.sg Press Release 10 Oct 2006

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