Maybank today launched Maybank Mobile Money, a person-to-person (P2P) mobile payment service in Singapore that enables money transfers on the go.
Built on Tagit's mobility solution platform "Mobeix", the Maybank Mobile Money is available as part of the existing Maybank Mobile Banking app for iPhones and Android phones.
With the Maybank Mobile Money, Maybank's customers can transfer money — from as little as S$5 (US$4) to a maximum of S$500 (US$401) daily — to anyone's local mobile number without requiring the recipient's bank account number. After a transfer, the bank will send a PIN to the sender via SMS. Only when the sender shares this PIN with the receiver will the latter be able to obtain the transferred money. If the fund is not collected by the receiver within seven days after the transaction, the transfer will be cancelled.
The receiver can choose to collect the funds through any account held with a bank in Singapore. Funds will be credited immediately if the recipient chooses to collect via their Maybank account. For interbank transfers, it may take up to two business days for the funds to be deposited into their bank accounts.
No service fee is charged for both sender and recipient using the service, even for interbank transfers.
According to Maybank, this service simplifies the process of sending and receiving payments, as well as protects the customers' privacy as it ensures that sensitive personal data, such as bank details, are not revealed to other parties.
"We recognise that increasingly, people are conducting transactions in a remote manner, resulting the need for alternatives to traditional payment methods such as cash or cheques," said Lim Kuo Siong, head of information technology and virtual banking of Maybank Singapore. "Maybank Mobile Money fills a gap in the P2P payments space with a platform that combines mobility, and personal data and transaction security."
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