Singapore's debit service is managed by the Network for Electronic Transfers (NETS), founded by Singapore’s leading banks and shareholders namely DBS, Keppel Bank, OCBC and its associates, OUB, IBS, POSB, Tat Lee Bank and UOB in 1985 as a result of a need for a centralised e-Payment operator. However,due to the banking restructuring and mergers, the local banks became UOB, OCBC, DBS-POSB as the shareholders of NETS with Standard Chartered Bank to offer NETS to their customers. However, DBS and POSB customers can use their network atms on their own and not be shared with UOB, OCBC or SCB (StanChart). The mega failure of 5 July 2010 of POSB-DBS ATM Networks (about 97,000 machines) made the government to rethink the shared ATM system again as it affected the NETS system too.
In 2010, in line with the mandatory EMV system, Local Singapore Banks starts to reissue their Debit Visa/Mastercard branded debit cards with the EMV Chip compliant ones compared to the magnetic stripe system in place. Banks involved includes the NETS Members of POSB-DBS, UOB-OCBC-SCB along with the SharedATM alliance (NON-NETS) of HSBC, Citibank, State Bank of India, and Maybank. Standard Chartered Bank (SCB) is also a SharedATM alliance member. Non branded cards of POSB and Maybank local ATM Cards are kept without a chip but has a Plus or Maestro sign so that they can use it only to draw cash locally or overseas.
Maybank Debit Mastercard are also available to use in Malaysia just as a normal ATM or Dedit MEPS card.
Singapore also uses the e-purse systems of NETS CASHCARD and the CEPAS wave system by EZ-Link and NETS.
In 2010, in line with the mandatory EMV system, Local Singapore Banks starts to reissue their Debit Visa/Mastercard branded debit cards with the EMV Chip compliant ones compared to the magnetic stripe system in place. Banks involved includes the NETS Members of POSB-DBS, UOB-OCBC-SCB along with the SharedATM alliance (NON-NETS) of HSBC, Citibank, State Bank of India, and Maybank. Standard Chartered Bank (SCB) is also a SharedATM alliance member. Non branded cards of POSB and Maybank local ATM Cards are kept without a chip but has a Plus or Maestro sign so that they can use it only to draw cash locally or overseas.
Maybank Debit Mastercard are also available to use in Malaysia just as a normal ATM or Dedit MEPS card.
Singapore also uses the e-purse systems of NETS CASHCARD and the CEPAS wave system by EZ-Link and NETS.
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