MAS to launch backup system for NETS contactless payments

It also plans to develop similar backup solutions for QR code payments.

The Monetary Authority of Singapore (MAS) announced plans to introduce stand-in capabilities for NETS electronic point-of-sale (ePOS) systems.

“This allows customers to continue to make contactless payments at merchant point-of-sale terminals, subject to a transaction limit, when a participating bank’s system is disrupted,” MAS Managing Director Chia Der Jiun said at the MAS Annual Report 2024/2025 Media Conference.

The move is part of MAS’ broader push to strengthen the resilience of retail payment services.

Following this, MAS will work with financial institutions to develop similar solutions for QR code payments, which are gaining traction as a payment method.

Moreover, Chia highlighted the need for the financial sector to prepare for future cyber threats, including risks from advancing quantum computing technology that could compromise current encryption standards.

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