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.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia