In the mid-80s, Singapore introduced the NETS Electronic Fund Transfers and GIRO at the point of sale. It was the first step towards becoming the cashless society. After more than ten years, Singapore introduced EPC (electronic prepaid card) across the country with the NRTS cash card. Lot advancements in internet technologies, mobile apps, and services have been seen in the last two decades. That’s why; electronic payment solutions and mobile cashless payments have become more prevalent amongst consumers these days. When it comes to mobile cashless payment, a cash card is probably the first name that comes to your mind. Here you will learn everything you need to know about cash card, expired cash card, and much more.
What is Cash Card?
The cash card can be described as the stored value card, which is commonly used as a payment mode for car park charges and ERP (Electronic Road Pricing) in Singapore. People have been using it since 1997 when the in-vehicle unit was first introduced. You can also use a cash card for retail purchases. The virtual cash card automatically pays for the electronic road pricing charges. Furthermore, it can be accepted at car parks too that makes the car park payment hassle-free.
How can I get my money back from an expired cash card?
The remaining stored value from the expired cash card can be refunded within 24 months after the validity period. However, if you want to get your money back from an expired cash card after 2 years, NETS will impose a service charge of $1.00 per month or any other amount that it may determine every so often. The levy will be deducted monthly from the stored value commencing the months after the end of the validity period, which is 2 years or until the nine colander years from the card encoding date.
What is the expiry date for Cash Card?
From the date of card encoding, you can use your cash card for 5 years. However, the full refund is valid within two years from the expiry date of your card. After 2 years, $1 per month will be deducted as a service fee from the stored value in your cash card.
What are the advantages Of a Cash Card?
NETS Cash card comes with several benefits that deserve your attention.
Control over Payments:
Cash cards are commonly used to make low-cost purchases or make small payments like car park charges. You can control payments because it comes with a certain limit up to which you can load money per day, week, or month.
Cash card reloading is convenient and easy. Users can reload their cash cards whenever they want.
Online Payments Are Easier:
There’s no doubt that cash cards have made online payments easier. Moreover, online payments are secure through NETS cash cards.
Best for security:
With a cash card in your pocket, you have no need to carry money with you everywhere. You can safely carry your cash card while going outside. Now, you don’t have to worry about losing money or theft.