Payments processing technology provider, Mint Payments (ASX: MNW), has signed a strategic partnership agreement with Singapore’s Network for Electronic Transfers (NETS).
As per the agreement, Mint has entered into a five-year agreement with NETS, with a five-year option to renew, covering its entire suite of card present (CP) and card not present (CNP) payment solutions.
NETS is Singapore’s most widely used electronic payment system and is designated as a national payment scheme by the Monetary Authority of Singapore, being the scheme operator, processor and acquirer.
Key terms of the partnership include:
- The development and launch of Singapore’s first NETS branded unified mPOS solution, licensed by Mint, that will enable merchants to accept all major credit cards and NETS debit cards through payment methods such as contactless, chip and PIN and magnetic swipe
- The establishment of a new acquiring partnership for Mint and its channel partners in Singapore, such as ABSS (MYOB Asia), using the Mint omni-channel payments solution
- NETS acting as a transaction-switching provider for Mint, which will enable Mint to provide its solution to all financial institutions or enterprise merchants connected to NETS’ extensive payment processing network
- Mint to receive upfront implementation and hardware fees, a recurring monthly fee from each merchant using the system and a share of all transaction fees for its rollout and implementation of the mPOS solution with NETS.
“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,” NETS CEO, Jeffrey Goh, said.
Mint Payments CEO, Alex Teoh, said partnering with NETS offers Mint and its channel partners a significant step forward in Asia.
“This is a milestone deal for Mint as we attempt to gain market share. NETS is very well regarded in the payments sector, having propelled Singapore into the digital age of payments. We look forward to a mutually beneficial relationship with NETS that will drive value for Mint’s shareholders,” he said.