Australia-based Mint Payments has entered into a five-year agreement with Singapore’s Network for Electronic Transfers (NETS) to add momentum to its expansion in Asia.
Designated as a national payment scheme by the Monetary Authority of Singapore (MAS), the network processes S$23bn in transactions from NETS debit, CashCard, FlashPay and eNETS.
The strategic partnership agreement with a five-year option to renew will cover Mint’s entire suite of card present (CP) and card not present (CNP) payment solutions.
Under the agreement, the two entities will develop and introduce countries first NETS branded unified mPOS solution, licensed by Mint.
The new mPOS solution will enable merchants to accept all major credit cards and NETS debit cards through various payment methods such as contactless, chip & PIN and magnetic swipe.
Additionally, NETS will act as a transaction-switching provider for Mint that will enable Mint to offer its solution to all financial institutions or enterprise merchants connected to NETS’ extensive payment processing network.
The deal will also see NETS purchasing ABSS’ merchants and will facilitate the transactions through the NETS gateway for both card present and card not present. ABSS (MYOB Asia) is a merchant acquiring partner of Mint.
NETS CEO Jeffrey Goh said: "At NETS, we strive to stay at the forefront of payments innovation and technology. We look forward to this strategic partnership with Mint to deliver end-to-end payment solutions that will benefit our merchants in Singapore."
Mint Payments executive director and head of international business Andrew Teoh said: "Partnering with NETS offers Mint and our channel partners a significant step forward in Asia. We are pleased to be working with Singapore’s largest merchant acquirer and only debit card provider."
Mint Payments CEO Alex Teoh said: "This is a milestone deal for Mint as we attempt to gain market share with high quality partners. NETS is very well regarded in the payments sector, having propelled Singapore into the digital age of payments."