New NETS service connects Singapore merchants to 360 million Chinese shoppers

Network for Electronic Transfers Singapore (NETS) has launched eNETS China Payment, a new payment service that enables millions of Mainland Chinese shoppers to use their Chinese bank debit cards to purchase goods and services from Singapores online merchants for the first time. This new service also enables Singapore shoppers to patronise online merchants in China and make purchases securely over the Internet. Developed in cooperation with Universal iPayment (Hong Kong) Limited, the service connects more than 360 million customers of 21 major Chinese banks to Singapore merchants who accept eNETS payment using debit cards from participating banks. Chinese shoppers can purchase products such as flowers, computer memory and data storage facilities, downloadable music, mobile phone ring tones, games and even virtual offices from participating online eNETS merchants in Singapore. Chinese shoppers using the system can purchase and pay in renminbi, while payment to Singapore merchants is made in Singapore dollars. Singapore shoppers visiting Chinese websites pay in Singapore dollars. All currency exchange is automatic through NETS secure fund transfer systems. Currently, 110 online merchants in Singapore accept payment via eNETS payment using debit cards. Of these, twelve online merchants have already extended their offerings to the Chinese market, and four more are planning to do so. Participating merchants include florists, travel agents, educational institutions and more. Many of the participating merchants have existing Chinese language websites. NETS plans to bring more merchants onto the service over the coming year. NETS expects the service to be particularly popular with companies that sell information, subscription services, mobile phone software, music and other digital products that can be distributed online. The service is also a boon for Singapore shoppers who are cautious about using credit cards for online purchases from overseas merchants. They can now use their debit cards to shop securely from several Chinese e-commerce sites accepting eNETS payment, such as herbal remedy provider www.4Uherb.com and arts and entertainment website www.kpworld.com.