The Network for Electronic Transfers Singapore (Nets) today announced a new cash card application that aims to deliver greater convenience for motorists.

Motorists with the new Nets combi cash card will be able to use the contactless "wave-and-go" payment system at selected carparks and SPC carwash services. All cashcards issued after July are combi cashcards that have contactless functionalities built-in.

Currently, motorists entering carparks or Electronic Payment System (EPS) gantry, must either have a cash card in the in-vehicle unit when entering and exiting, or have to manually insert the cash card for deductions to take place. The new "wave-and-go" functionality will straddle the two payment systems, requiring drivers to still reach out to payment gantries, but only tap the cards onto a cardreader, much like how the EZ-link cards are used.

During a demonstration at the Tiong Bahru Plaza carpark where "wave-and-go" has been on trial since January, the carpark barrier went up almost instantly once the cash card was tapped onto the cardreader, compared to an estimated four seconds that it takes for "in-and-out" payment systems.

Nets' contactless payments systems are not new, with "combi cards" having been introduced in July last year, and there are already more than 1,000 transaction points around Singapore where payments can be made with just a quick tap of the card.

MORE SECURE?

One concern that was repeatedly raised during the press conference today was whether or not "wave-and-go" is more secure than existing payment systems.

Some carparks recently reported that several errant motorists were circumventing carpark payment systems with a "particular type of cashcard", allowing them to exit carparks without payment.

The General Manager for CashCard and Processing, Miss Jocelyn Ang, gave the reassurance that the cash deduction portion of the transaction is secure, and it depends on system integrators who implement parking payment systems to ensure that carpark barriers only go up after payment has been made.

FASTER TRANSACTIONS = HIGHER PARKING RATES?

Still, the bottom-line for most motorists seems to be whether or not this convenience would translate into higher parking rates.

A check with a local system integrator that develops and installs parking payment systems revealed that EPS cost between $130,000 and $200,000 to implement, compared to about $100,000 or less for a "wave-and-go" payment system.

The integrator, who does not want to be named, says that although the cost of implementing the new system has yet to be finalised, it would cost more than the "in-and-out" gantries that require cards to be manually inserted, due to higher transaction speeds and additional hardware.

Mr Ted Lim, an architect in his 30s, says that he doesn't really care for a few seconds saved since he still has to wind down his window and stretch out to the gantry anyway. He prefers EPS carparks which doesn't require him to take his hands off the wheel for "true convenience".

For others, time is of the essence, and if "wave-and-go" helps reduce waiting time to exit carparks, they are all for it.

"I've been stuck in a carpark for more than an hour on one occasion, just waiting to exit," said Mr Jaizinno Ortega, 27, a club executive.

"If it helps me get to get out faster, I don't mind paying a few cents more."

WIN CASHCARD READERS

NETS CashCard users will soon be able to top up their CashCards online with a credit card using an open-platform card reader. These readers can be purchased from CyberActive 7 outlets, as well as at major retailers from next quarter onwards.

The online top-up function will be available at www.netscashcard.com.sg from March 28th, and to entice more people to use their CashCards for online transactions, NETS is offering free card readers worth $39.90 each to the first 500 CashCard users who register.