NETS : the practical and legal aspects
NETS Pte Ltd was incorporated in 1985. Since then, it has been instrumental in promoting cashless electronic payments in Singapore. Undaunted by the fact that there had not been a successful system implemented elsewhere in the world at that time, NETS started the EFTPOS service and went on to int...
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| Main Authors: | , , |
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| Other Authors: | |
| Format: | Final Year Project |
| Language: | English |
| Published: |
2015
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/63546 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | NETS Pte Ltd was incorporated in 1985. Since then, it has been instrumental in
promoting cashless electronic payments in Singapore. Undaunted by the fact that
there had not been a successful system implemented elsewhere in the world at that
time, NETS started the EFTPOS service and went on to introduce ATMNETS 3 years
later. Within the span of 8 years, the growth of NETS in Singapore has been
tremendous. To meet the new challenges of the 21st Century, NETS future plans
include the implementation of the Cashcard to bring Singapore a step closer to her
vision of a cashless society.
This report seeks to examine the practical and legal aspects of NETS. The report
introduces NETS Pte Ltd and traces its growth and development from its beginnings in
1985. An overview of the NETS operation as well as its costs and benefits are
discussed. A further aspect studied is the legal issues relating to the use of NETS.
Our area of focus is the Merchants' Agreement with NETS and that of the customer
with the seven member banks. In particular, the risks, liabilities and possible areas of
legal disputes are highlighted. Security measures for ATMNETS and EFTPOS
services are also reviewed. In conclusion, the report details NETS future plans for
development. |
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