SingTel has launched Singapore's first mobile money solution mCash, a secure alternative to cash, the telco announced today.
mCash, available to subscribers of all mobile operators in Singapore, enables users to make payments quickly and easily through their mobile phones while on the move, the company said in a statement.
In the coming months, consumers will be able to pay for their daily necessities, such as transport, food and shopping, using funds stored in their virtual mCash account.
mCash can also be used to shop online, purchase online game credits and pay bills, according to the telco.
This mobile money solution will be the first of its kind in Singapore to enable customers to pay their friends and family instantly, making tasks such as splitting bills in restaurants and overseas remittances a breeze.
"mCash is not just for SingTel subscribers and is not limited to terminal-based NFC transactions or NFC phones," said Yuen Kuan Moon, SingTel's CEO Consumer. "For example, parents will be able to give pocket money to their kids via mCash. Friends can pay one another instantly after dinner. You will have the exact amount to pay the taxi driver without having to manage change from a $50 note."
At launch, customers can use mCash to top-up SingTel prepaid mobile services and to transfer money overseas with their mobile phones via SingTel's mRemit service.
SingTel said its mRemit is the first service of its kind in Singapore to allow consumers to use their mobile phones to remit funds to overseas recipients. More than 10,000 customers have registered for the service since launch, said SingTel.
They can conveniently top up their mCash accounts at an expanding list of outlets, including AXS stations and SingTel Retail Shops, enabling them to perform transactions immediately.
mWallet mobile app
SingTel also launched the mWallet smartphone app to allow mobile subscribers of any network to access their mCash easily and carry out transactions. The Android app available now and iOS version will available in the coming weeks, SingTel has clarified.
mWallet also offers SingTel mobile customers the convenience of using two contactless payment cards on their NFC smartphones: DBS One.Tap Mastercard and EZ-link virtual card. With secure 6-digit password protection, mWallet users do not need to worry about unauthourised usage of their mCash funds and stored-value cards.
Access to mCash is not restricted to smartphone users only. Feature phone users will also be able to perform key transactions via SMS, according to the telco.
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