Singapore's major payments and card network NETS says that it is leveraging its 130,000 payment touchpoints in the city to help small and medium enterprises (SMEs) increase their revenue.
The company is using the data collected from the spending habits from the over 10 million cards in the country for SMEs to get to know their customers better.
"We may not know them by name but from where they spend, we know that they are millennials. We will know that you own a car, because you may not use your NETS card to pump petrol, but you will use it to pay for changing the tire and repairing the car engine," Lawrence Chan, CEO of Network for Electronic Transfers (Singapore), told Asian Banking & Finance in an exclusive interview.
"We know the customer profile, [and] by knowing the customer profiles, we can help our merchants know who shopped with them. And we can actually then compare, not by exact name but against the industry, whether they are weak or they're strong in certain customer segments," he added.
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