Network for Electronic Transfers (NETS) predicted widespread consumer benefits as it teamed with Singtel and Amazon Web Services (AWS) to provide cross-border digital payment services in Southeast Asia.
In a statement issued yesterday (24 August), the electronic payment service provider said it will use Singtel’s managed network services and AWS’ cloud computing platform to deliver “localised connectivity for potential partners to access its cross-border payment services”.
NETS CEO Lawrence Chan said the initiative will “spur cross-border digital payment growth for overseas payments partners particularly micro merchants, and help them leverage this to expand their market beyond domestic borders”.
The arrangement means “NETS merchants in Singapore will be able to accept selected overseas partner wallets from visitors in the region”, Chan added.
Singaporean consumers will, in turn, be able to use NETS to “make purchases at more retail outlets abroad in the region”, the group stated.