NETS adds inventory features to payment terminals for Singapore retailers

It is using data from its payment system to help businesses improve operations.

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Network for Electronic Transfers (NETS) expects its expanded payment terminals, which now include inventory capabilities, to help Singapore's small and medium enterprises (SME) improve their operations.

"If the retailer doesn't have my shoe size, they can use the NETS terminal to scan the shoe box, and the retailer can tell me that they are selling the size online, or that another branch of their store has it," NETS CEO Lawrence Chan told Asian Banking & Finance in an interview at the Singapore Fintech Festival 2024.

"Helping our merchants manage their inventory through our terminal is one way in which we can help them better manage their operations," he added.

Aside from inventory, NETS also lets merchants know how they are doing in a specific customer segment. "Many offline or face-to-face merchants actually don't know their customers very well, because customers don't have to register with the merchant," Chan said.

Asian Banking & Finance spoke with Chan to learn more about NETS' expanded services and the challenges faced by Singapore SMEs.

How has NETS transformed itself from being a payment to a solution provider?