Just got email from NETS, the electronic payments network in Singapore, that they’re closing the eNETS Virtual Account service.
The reason given is more consumers are using credit cards and debit cards to make online payments.
eNETS Virtual Account was launched in 2001, as a micro-payment solution for both the Internet and mobile arenas.
I registered the eNETS Virtual Account since it was launched 7 years ago, but as far as I remember, used only once to pay bill.
I noticed that more online merchants also accepting Internet banking fund transfer, PayPal and other payment mode to consumers now.
As new technologies are introduced, we have many ways to make bill payment and do online shopping, such as credit/debit card, vPost, Visa Bill Pay, PayPal, even we can use Cash Card and EZ-link card at home with the card reader.
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I don’t see any benefits using eNETS Virtual Account, as I need to top up money in the Virtual Account first, before doing online shopping or bill payment.