Singapore, 1 October 2007 – Barely a year since it was introduced on board all ComfortDelGro taxis, NETS has already become the most popular mode of cashless payment on board ComfortDelGro taxis. It is expected that a total of 1 million NETS transactions will be done by end of this year.
Launched in November 2006, NETS is now averaging about 150,000 transactions a month on ComfortDelGro taxis. This means that one in two cashless transactions made for taxi rides is paid using NETS. It is estimated that ComfortDelGro taxi drivers will take home more than $10 million in taxi fares from NETS payments alone this year. This figure is expected to rise further when all 15,000 ComfortDelGro taxis become “NETS-enabled” by the end of this year. Currently, 90% of our taxis accept NETS – making us the only taxi operator in Singapore to accept this cashless form of payment. Other cashless payments accepted on board include major credit cards, corporate cards and e-vouchers. A surcharge of 30 cents applies for every NETS transaction.
Cabby Goh Kwang Seng, whose taxi was installed with the NETS feature in May this year, has seen a large jump in the number of customers opting to pay by NETS. In August alone, he accepted 28 NETS payments, 10 more than in May. He said: “Some passengers are impressed that our cabs can accept NETS and prefer to use it instead of cash. It’s also convenient for me because I don’t have to worry about small change or taking out cash. Moreover, the money is credited directly into my bank account within two working days.”
Said Mr Yang Ban Seng, ComfortDelGro Taxi Business CEO: “We are happy to partner NETS to provide this added convenience to our commuters. Also, this cashless payment service will largely resolve the “big-note” situation between our cabbies and their passengers. Cabbies don’t have to keep worrying about running of out small change while passengers don’t have to scramble to look around for an ATM.”
NETS CEO Ms Poh Mui Hoon said: “NETS has always been about creating a smart and savvy solution for cashless payments in Singapore. Our partnership with ComfortDelGro is a great example of how together, we make our users’ life great by enhancing the payment experience for taxi passengers using innovative technology.”
Since the introduction of NETS on board ComfortDelGro taxis, taxi commuters have been using it to pay their fares – regardless of how small the amount is. To date, the smallest transaction conducted on board our taxis is valued at $2.60 while the highest is $78 for a Mercedes limousine trip.
Whatever the fare, it is the convenience of the service which has won praise from commuters. Mr Leong Jow Young, a 35-year-old IT project administrator, said: “It’s easier than searching for an ATM machine when I run out of cash.”
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About ComfortDelGro
ComfortDelGro is the worldÂ’s second largest land transport company with a total fleet size of 41,000 buses, taxis and rental vehicles. Headquartered in Singapore, the Group also has operations in China, the United Kingdom, Ireland, Australia, Vietnam and Malaysia. Currently overseas ventures account for 47% of Group turnover. The Group intends to derive half of its total revenue from abroad in the next two to four years.
About NETS
NETS celebrates its 22nd Anniversary this year. The company was founded in 1985 to operate and manage an on-line debit payment service. It has since pioneered Singapore’s move to cashless society and grown from a single to a multi–service organisation, providing a comprehensive range of electronic payment services.
Based in Singapore, NETS is expanding internationally with a vision to be the preferred world-class solutions provider for payment and processing services, accepting multi-media and multi-channel transactions on behalf of companies, institutions and individuals around the world. NETS products and services are currently marketed throughout Asia, including China, Hong Kong and South East Asia.
NETS provides merchants, banks and consumers with fast and convenient electronic payment services for carrying out everyday transactions. With a willingness to push new technology frontiers, NETS is continuously developing new payment solutions to create an integrated multimedia platform that allows payments to be made seamlessly across mobile, wireless and physical arenas. With a growing range of payment services, NETS is poised to become the integrated payment gateway for Asia.
Find more information on NETS and its payment services at http://www.nets.com.sg.