NETS opens up global commerce with Alipay+ integration

Local merchants will now be able to receive Singapore currency from global consumers.

The Network for Electronic Transfers (NETS) and Ant Group made an announcement during the Singapore FinTech Festival 2021 that NETS will be integrating Alipay+ to enhance the digital payments capabilities of NETS’ local merchants.

Introduced by Ant Group in 2020, the Alipay+ solutions are designed to make it easy for businesses, especially small and medium-sized businesses to accept different payment methods and conduct cost-effective digital marketing campaigns. It also makes it more convenient for e-wallet users to make payments easily away from their home country.

The adoption of Alipay+ solutions is in line with NETS’ efforts to drive payment technology innovation, create additional revenue streams, and strengthen operational efficiency for its merchants. Merchants will be able to accept payments in Singapore currency from Asia’s leading local e-wallet holders who will pay in their home wallet currency. This will enable merchants to serve global customers better whilst providing consumers with access to a wider merchant base.

“Having the most extensive network of acceptance points in Singapore for static and dynamic QR payments makes us an ideal partner for inbound wallet providers. We are delighted to collaborate with Ant Group to offer Alipay+ and increase the business opportunities for our local merchants with access to an expanded pool of consumers,” said NETS Group CEO Lawrence Chan.

Chan said they expect the NETS’ merchant profile to be operationally ready with full integration of Alipay+ by early 2022.