By Robin Chan

THE economic gloom has not deflected Nets from plans to enter what looks to be the next big market for electronic payments - contactless multi-purpose smart cards.

The sector is expected to be opened up in September next year, and new Nets chairman Rajan Raju made it clear yesterday that the company wants in.

Mr Raju, also head of consumer banking at DBS, conceded that Nets faces testing times. He cited short-term challenges from an uncertain economy as well as longer-term ones from increased competition among payment service providers.

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