Magazines Archives - 2011 June

S’pore’s NETS targets China’s fast-growing e-shopper market with new service
Story 8 - E-commerce

SINGAPORE-BASED electronic payments group NETS has launched eNETS China Payment, a payment service that enables direct debit payments from Chinese domestic bank accounts.

Said NETS’ managing director for EFTPOS, Internet Business & Merchant Network, Jocelyn Ang: “eNETS China Payment is a natural extension of our merchant service offerings. We were the first in Singapore to offer merchants the opportunity to tap into the growing Chinese national market with the launch of our NETS-CUP service in 2005, and today, we are delighted to be able to offer them the ability to reach out to millions of Internet users in China.”

According to iResearch Consulting Group, a consulting services company focusing on China’s Internet industry, third-party online payment transactions for the first quarter of this year reached RMB365 billion (US$56.23 billion), an increase of 102.6% yearon- year. Last year, third-party online payment transactions totalled RMB1.01 trillion.

The number of Internet users in China numbers about 457 million, of which 35% (or 160 million) regularly shop online, according to digital marketing solutions company, Incitez Pte Ltd.

eNETS China Payment is available to customers of more than 30 banks in China, including the country’s biggest banks: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications and China Merchants Bank.

Consumers from China wanting to make online purchases on Singapore websites need only key in their user ID and Internet banking personal identification number (PIN), both of which are obtained from their domestic banks. A secure payment gateway, eNETS links directly to China’s domestic banks and does not require financial information to be divulged online. ra

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