Speaking at the launch of MAS’s latest annual report on July 15, Chia says the central bank and financial regulator is giving “particular focus this year” to the resilience of retail payments services.
An upcoming back-up system between NETS and Singapore’s banks will allow customers to continue to make contactless payments at merchant point-of-sale terminals when one or more banks face service disruptions.
Monetary Authority of Singapore (MAS) managing director Chia Der Jiun says these “stand-in capabilities” will allow customers to continue making contactless payments “subject to a transaction limit”.
