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NETS Connects Singapore Merchants To 360 Million Chinese Shoppers
Network for Electronic Transfers Singapore (NETS) Pte. Ltd. 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 Singapore's online merchants for the first time.
This new service also enables Singapore shoppers to patronize online merchants in China and make purchases securely over the Internet.
Developed in cooperation with Universal iPayment (Hong Kong), 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.
NETS CEO, Poh Mui Hoon, said, "Chinese consumers are rapidly discovering the effectiveness of the Internet and e-commerce. Launching the service now allows our eNETS merchants to take advantage of that growing market. Our new eNETS China Payment service gives local e-commerce merchants immediate access to a pool of potential customers in China that is hundreds of times larger than what we have here in Singapore."
Kelvin Lau, CEO of Universal iPayment (Hong Kong), said, "China and Singapore have a long history of business and trade, and those links are continuing to deepen. We're pleased to be able to work with NETS to create a new channel for commerce to flow between Singapore and China, and to make international trade accessible to businesses for whom it may have been out of reach before."
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.
"With so much business and travel happening between Singapore and China, we are beginning to do a brisk trade in the Chinese market. Flowers have long been something that you can order and send from afar when you can't make that special gesture in person. With the launch of eNETS China Payment, we're pleased to be able to extend that service to people in China, and build our business at the same time," said Ryan Chioh, Executive Director of Far East Flora.
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.
"NETS has been a reliable partner, and has helped our company grow without having to worry about payment collection. With NETS providing a secure avenue for collecting money in China, I believe IguanaMobile will be able to tap the enormous market potential of China and capture a significant market share in the shortest possible time," said Chin Kwek Loong, Director of Apic Systems (IguanaMobile), an online distributor of mobile phone ring tones and games.
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