The payment services group plans to expand a unified, interoperable QR code payment system to more than 100,000 acceptance points at 37,000 merchants nationwide, and extend it to customers of seven major banks.
Nets’ investment plans will be supported by DBS Bank, OCBC Bank and United Overseas Bank - the three banks that each owns a third of Nets. Of the USD 30 million, half will be used to subsidise infrastructure and setup costs for merchants, and the other half for marketing.
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