NETS and China Unionpay sign groundbreaking deal

Wednesday 12 January 2005 05:02 CET | News

NETS (Network for Electronic Transfers Singapore Pte Ltd), has signed a landmark deal with China Unionpay (CUP), that will enable millions of Chinese visitors use their credit and debit cards to make purchases and withdraw cash from ATMs throughout Singapore.

Chinese visitors already represent the second largest group of foreign visitors to Singapore, according to the Singapore Tourism Board. Over the past four years, the Lion City has welcomed an average of more than 600,000 business people and holidaymakers from China. It is estimated that Chinese visitors to Singapore spend on average around S$300 each. CUP was established in March 2002 by 80 leading Chinese banks. It is similar to NETS in that supports electronic transactions for banks throughout China and cards bearing its logo are as ubiquitous in China as NETS is in Singapore. At the launch of CUP cards in Singapore, NETS CEO, Ms Poh Mui Hoon, said: This is a special deal for a special day. NETS is honoured to be cementing this groundbreaking partnership with China Unionpay on the day of our 20th Anniversary. NETS will enable CUP card holders to withdraw cash directly from the 700 ATMs operated island wide by leading local banks OCBC and UOB, with a daily cumulative withdrawal limit of the Singapore Dollar equivalent of 5,000 RMB. In addition, over 20 leading NETS-affiliated Singapore merchants have already signed up to the CUP service including DFS Galleria and Jay Gee Enterprises Pte Ltd.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce