Singaporeans will soon be able to continue making contactless payments at retail outlets even if their bank’s systems are temporarily down.
Following discussions over the past year, the Monetary Authority of Singapore (MAS), together with NETS Group and participating banks, is set to launch stand-in capabilities for NETS point-of-sale terminals.
The feature will allow payments to go through, up to a transaction limit, during service disruptions.
The initiative is part of MAS’ broader effort to strengthen the resilience of digital financial services, particularly in retail payments.
As these services become increasingly essential in daily life, MAS said any prolonged disruption could cause major inconvenience and erode public trust.
Financial institutions are expected to maintain high levels of availability and to plan for continuity not just at the system level, but across multiple systems to ensure uninterrupted service.
MAS added that it will next work with financial institutions to develop similar solutions for QR code payments, which are seeing increased usage across Singapore.
Featured image: Edited by Fintech News Singapore/Malaysia, based on image by NETS
