NETS : the practical and legal aspects

• Main Authors: Ho, Pauline Yin May, Law, Chiew Fong, Tan, Hwi Ying
• Other Authors: Low Kee Yang
• Format: Final Year Project
• Language: English
• Published: 2015
• Subjects: DRNTU::Business::Management
• Online Access: http://hdl.handle.net/10356/63546
• Institution: Nanyang Technological University

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.