Payments processing technology provider, Mint Payments is adding further momentum to its expansion in Asia by partnering with Singapore's Network for Electronic Transfers (NETS).
NETS is Singapore's most widely used electronic payment system with one in three Singaporeans using NETS everyday to make payments across a network of 91,000 acceptance points across the nation.
Both partners have signed a five-year agreement with a five-year option to renew.
The agreement between Mint Payments and NETS covers Mint's entire suite of card present (CP) and card not present (CNP) payment solutions.
"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," said NETS CEO Jeffrey Goh.
NETS branded solution
As per the agreement, both partners will launch Singapore's first NETS branded unified mPOS solution, licensed by Mint, which will enable merchants to accept all major credit cards, and NETS debit cards through popular payment methods.
A new acquiring partnership for Mint and its channel partners will be established in Singapore, using the Mint omni-channel payments solution.
NETS will act as a transaction-switching provider for Mint, which will enable the latter to provide its solution to all financial institutions or enterprise merchants connected to NETS' extensive payment processing network.
Mint will 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.
"This is a milestone deal for Mint as we attempt to gain market share with high quality partners," said Mint Payments CEO Alex Teoh. " 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."
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