Bangkok--16 Feb--Asian Banker
Singapore retailers can now offer wireless payment for the first time without a phone line or SIM card, courtesy of a new Wi-Fi payment service to be launched by the nation’s leading electronic payments provider, NETS.
The new payment service uses a handheld system made by global payment technology firm VeriFone Holdings, Inc. (NYSE: PAY), which connects to the Wireless@SG wireless broadband network. It provides card swiping, PIN entry and receipt printing functions, while also complying with stringent industry security standards such as WPA and end-to-end SSL encryption to prevent fraud and misuse.
“The new Wi-Fi payment service is an example of how NETS enhances the payment experience for retailers and customers using innovative technology tailored to their environment,” said NETS
CEO Poh Mui Hoon.
“With this smart and savvy mode of payment, more retailers in the heartlands can offer cashless payment, which is in line with the Government’s iN2015 vision to double the value of e-payment in Singapore by 2010,” she added.
NETS has just launched the new Wi-Fi payment service at selected retail outlets as part of a pilot trial, and will step up its commercial deployment in the heartlands from the third quarter of this year. The service is currently available at the Singapore Heritage Centre, The Singapore Heritage Restaurant, souvenir store Scarlet Thread and bak kwa seller Bee Cheng Hiang — all located along Chinatown’s Pagoda Street.
VeriFone’s Managing Director for Asia, Mr. Lazy Yanay, said that the company worked closely with NETS in Singapore to introduce innovative payment solutions to the market. “NETS’ new Wi-Fi payment service relies on VeriFone’s Vx670 wireless handheld payment solution, which is the smallest of its kind in the industry. It also offers the most reliable security standards available, including tamper-resistant SSL encryption and WPA Wi-Fi security, to ensure peace of mind for users,” he said.
Commenting on his outlet’s new payment mode, Bee Cheng Hiang Regional General Manager, Daniel Wong said: “The period leading up to the Chinese New Year is when our sales traditionally peak, and NETS’ Wi-Fi payment service provides another payment point without us having to hunt for another phone line or get a SIM card. This translates to less waiting time and greater convenience for our customers."
--www.theasianbanker.com (February 15 2007)--