Network for Electronic Transfers (NETS) are entering a five year agreement with Mint, which will see Singapore’s first NETS branded unified mPOS.

Payments processing technology provider Mint Payments Limited has signed a strategic partnership agreement with NETS that will add further momentum to Mint’s expansion in Asia.

NETS is Singapore’s most widely used electronic payment platform and with process payments of S$23 billion annually, is the designated national payment system and owned by DBS Bank. NETS was founded in 1985 to establish Singapore’s exclusive national PIN Debit scheme, NETS Debit.

Mint has entered into the renewable agreement with NETS under which the development and launch of NETS first unified mPOS solution will be carried out, licensed by Mint. Other key partnership terms include establishing a new acquiring partnership for Mint and its channel partners in Singapore using the Mint omni-channel payments solution, and NETS acting as a transaction-switching provider for Mint.

At NETS, we strive to stay at the forefront of payments innovation and technology,” said CEO Jeffrey Goh.

“We look forward to this strategic partnership with Mint to deliver end-to-end payment solutions that will benefit our merchants in Singapore.”

Mint CEO Alex Teoh stated that the partnership will expand the network and business opportunities for his company.

“Mint Payments CEO Alex Teoh said: “This is a milestone deal for Mint as we attempt to gain market share with high quality partners. NETS is very well regarded in the payments sector, having propelled Singapore into the digital age of payments,” he said.

We look forward to a mutually beneficial relationship with NETS that will drive value for Mint’s shareholders.”