Singapore's national payment system Nets is to enter the mPOS business through a partnership with Australia's Mint Payments.
Under the five-year deal, Mint will receive upfront implementation and hardware fees, a recurring monthly fee from each merchant using the Nets-branded system and a share of all transaction fees.
The deal follows an agreement between Mint and Asian Business Software Solutions two months ago to distribute, license and integrate the Australian firm's payments services with ABSS’ MYOB products.
Under the new arrangement, Nets will acquire ABSS’ merchants and run the transactions through the Nets gateway for both card present and card not present.
The integration with MYOB Asia’s accounting system will lead to improved collection services and give a wider range of payment options offered by merchants, which will automate the accounts receivable process, says Nets.
Owned by Singapore’s largest banks, DBS Bank, OCBC Bank and UOB, one in three Singaporeans uses Nets everyday to make payments across a network of 91,000 acceptance points nation-wide. In 2015, Nets processed S$23 billion in transactions from Nets debit, CashCard, FlashPay and eNETS.
Shares in Mint jumped nine percent on the Australian Stock Exchange as investors reacted positively to the firm's expansion into the Asian marketplace.