SINGAPORE - Nets, the Network for Electronic Transfers Singapore, plans to award points to cardholders who use their Nets ATM cards or CashCards to pay for goods.
According to a Straits Times report, the electronic payments company is trying to increase usage of its cards.
Its chief executive officer, Poh Mui Hoon, who took over the helm last year, said, "There are still a lot of people using cash, so a lot of potential is there to convert these people into electronic payment users."
Nets will give users one point for every 50 cents spent using Nets cards or CashCards; every 30 points accumulated gives users a chance to win cash and prizes in monthly drawings.
Five customers will be picked at the end of every month to each win cash and prizes worth up to $1,000 (U.S. $586). All users will then be entered for a grand drawing in December, where one person will win $88,000 (U.S. $51,600) in cash and prizes.
The 19-year-old company is still working on a program which will allow users to exchange their points for other rewards, like vouchers and gifts, according to the Strait Times.
Nets is owned by United Overseas Bank, DBS Bank and OCBC Bank. It said the rewards program is part of its overall advertising and promotions budget.
There are currently 11.5 million Nets ATM cards and CashCards in Singapore; as many as 12,500 merchants islandwide accept payment by these cards.Last year, Nets processed $7 billion (U.S. $4 billion) worth of transactions, up more than 16 percent from 2002.
