CashCard fee of $5 consistent with market practice
WE THANK Mr Ong Chee Wee for his feedback in the letter '$5 no-refund CashCard fee unjustified' (my paper, April 9) and Mr Seah Seng Choon for his comments in the letter 'Case wants Nets to explain CashCard fee' (my paper, April 28).
We would like to clarify that the revised Nets CashCard pricing is necessary to help cover the cost of the card.
The revised price will help cover the cost to produce and fabricate each Nets CashCard.
The cost of card production includes the cost of the plastic card, the micro-processor chip embedded on the card and the initialisation cost of the chip for the card to be used.
Since the introduction of CashCards in 1996, the development and production costs of the cards issued have been borne by the local banks.
This was to encourage the adoption of smart card payments.
With more than 4.5 million cards now in circulation, this objective has been attained.
It is estimated that each motorist may have three to five cards.
The $5 charge is consistent with the prevailing market practice for other stored value cards in the motoring/transit sector in Singapore.
In addition, there are strict regulations concerning the need to maintain adequate liquidity of the stored value of the Nets CashCard.
Should Nets CashCard users have any further questions, please call our Customer Service hotline at 6274-1212 or e-mail us at motoristcare@nets.com.sg We will be glad to offer assistance.
