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Merchants in Singapore can now accept Visa and Mastercard payments from their customers via their Nets terminals.

This was after new agreements were inked between the local company and both credit card networks.

Network for Electronic Transfers (NETS) Group announced agreements with Mastercard and Visa on Mar. 14, 2023.

The partnership will allow eligible merchants access to different payment options through a single payment service provider.

Small businesses with less than S$1 million turnover can enjoy competitive merchant discount rates for Mastercard and Visa payment schemes if they opt to expand their payment options in addition to the NETS payment scheme.

This also means that payments will be much easier for merchants as they will only require to liaise with a single payment service provider.

Previously, merchants needed to work with multiple parties to be able to provide local, Mastercard and Visa payment schemes.

"This move is intended to reduce the hassle of administrative work and drive efficiency so that heartland business owners can free up time to focus on growing the business," NETS said in the press release.

New merchants should be able to get their terminals to accept the new payment methods in five days or less, said NETS.

Existing merchants that already accept NETS can add Mastercard and Visa as payment options without needing to upgrade their payment terminals.

Lawrence Chan, Group CEO of NETS, said this partnership with Mastercard and Visa is "a big step forward for our heartland merchant partners as they can now easily tap on a comprehensive range of major payment options with less hassle and provide more voices to their consumers".

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