Wednesday, April 15, 2009

The little card that can do it all


090408-CashCard The new contactless Nets CashCard can also be used on public transport.


COME Sept 1, you can top up your Nets CashCard at a bakery while buying a pastry.

Three local banks, DBS, OCBC and UOB, have teamed up with Nets to roll out a contactless card that combines the functions of a debit card and a cash card.

Nets is making the top-up feature available through multiple channels, such as convenience stores and coffeeshops.

Consumers can choose to top up their card at retail outlets when they make a purchase.

When the stored value of the Nets CashCard component is below the minimum amount at the time of a purchase, a top-up alert will be triggered on the terminal. Drivers can also make use of the “auto top up” feature at car parks and ERP gantries. “This new card embodies everything that we have sought to do, in giving consumers the convenience to make payment and top up anywhere,” said Nets chief executive officer Poh Mui Hoon.

The new card, which will go on trial next month, can also be used to pay for public transport on trains and buses, competing directly with the ez-link card. UOB’s head of personal financial services Eddie Khoo said the bank will be the first to launch the card in the fourth quarter of this year.

From TODAY, Business – Friday, 10-April-2009

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