Singaporean payments firm NETS has introduced a same-day settlement service for hawkers, in a bid to accelerate their adoption of digital payments.
NETS partnered with its merchant banks DBS, OCBC and UOB for the service.
Through the service, hawkers will have funds credited to their DBS, OCBC or UOB bank accounts by 11 pm on the same day.
However, in order to enable same-day settlement, payments have to be made before 5 pm. Nets transactions done after this time will be credited on the next business day before 9 am.
Commenting on the new offering, NETS head of sales Ang Sok Hong said: “The hawker business is like any other in that you not only have to collect payments, you also have to make payments.
“We’ve taken away the hassle of collection by introducing QR code and other e-payment options and now with same-day settlement, stallholders will be able to settle supplier payments and other business expenses more easily.”
The latest development follows several other measures taken to enable hawkers in Singapore embrace cashless payment.
These include the introduction of QR code payments at Tanjong Pagar Food Centre as well as the acceptance of EZ-Link and concession card payments on Nets terminals in hawker centres.