SINGAPORE: Hawkers will be able to receive NETS sales proceeds into their bank accounts on the same day of the transaction from Thursday (Jan 17), said NETS in a news release.
This initiative will be available to hawkers at hawker centres, canteens and coffee shops.
According to the e-payment service provider, hawkers will receive their sales proceeds on the same day for all NETS transactions, except CashCard and NETS FlashPay transactions. NETS clarified that this includes public holidays and weekends.
The initiative, which is a joint collaboration between NETS and the three banks, hopes to encourage more hawkers to adopt e-payments.
It also gives hawkers "faster access to their funds and (improves) cash flow", said NETS.
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"The hawker business is like any other in that you not only have to collect payments, you also have to make payments," said head of sales at NETS Ang Sok Hong.
" ... With same-day settlement, stallholders will be able to settle supplier payments and other business expenses more easily.”
The same-day settlement follows several moves to facilitate e-payments in hawker centres such as a quick response (QR) code payment option at Tanjong Pagar Plaza Market and Food Centre, a unified e-payment landscape at hawker centres, coffee shops and industrial canteens, and the acceptance of EZ-Link and concession card payments on NETS terminals at these food centres.
NETS added that it was "too early" to comment if this service will be extended to other businesses.