Singtel aims to be a leading regional mCommerce hub in 5 years
Singapore's first mobile-to-mobile remittance service
Singapore 13 September 2012 – Singapore Telecommunications Ltd (Singtel) today announced that it aims to be a leading mobile commerce hub in the Asia Pacific region in five years, providing customers with a compelling suite of mobile payment and marketing services. As a first step to fulfilling this vision, it has opened a remittance centre in Lucky Plaza at the heart of Orchard Road. Singtel will break new ground by launching Singapore’s first mobile-to-mobile remittance service at the end of 2012. It will also progressively launch a wide range of consumer mobile commerce services throughout the year that will complement its existing Near Field Communications (NFC) contactless mobile payment services.
Mr Yuen Kuan Moon, Singtel's CEO Consumer Singapore, said: “Mobile money is rapidly emerging as an alternative to cash. With more than 462 million mobile subscribers in 26 countries across Asia and Africa, Singtel is in a unique position to serve as a one-stop mobile commerce hub for the region. We aim to leverage the Singtel Group's scale to reduce the costs of offering mobile commerce services for our regional associates.”
Singtel's mobile remittance service, named mRemit, will be the first service of its kind in Singapore to allow consumers to use their mobile phones to remit funds to an overseas recipient's mobile wallet account. The sending and receiving parties will both be notified by SMS once transactions have been successfully completed.
Unlike traditional remittance services, Singtel mRemit will enable secure fund transfers at competitive rates, in seconds rather than days, thus allowing recipients to enjoy immediate access to their money. In addition, exchange rates will be transparent and easily verifiable for customers, saving them time and effort.
From 17 September, over-the-counter remittance will be available via the Lucky Plaza store, with the mobile service launching in the coming months. At launch, customers will be able to remit funds to the Philippines, in collaboration with GCASH, the mobile commerce service offered by Singtel's regional associate, Globe Telecom. Recipients can claim the remitted funds through 6,000 designated locations or 9,000 ATMS across the Philippines. Alternatively, they can use the funds, via their mobile wallet, to purchase goods and services, top-up prepaid mobile services, pay their credit card and utility bills, renew insurance policies and repay loans.
Singtel plans to leverage its regional scale to extend the service quickly to countries in which the Singtel group affiliates operate, and where remittance services are in high demand.
Mobile payment and marketing services
Singtel will progressively launch a suite of mobile payment services this year. For example, customers can look forward to remote payment services which use the stored value wallet to pay utility bills, fines and parking fees, shop online, purchase online game credits, as well as top-up prepaid mobile services.
Singtel will also extend its NFC services beyond ez-link retail payments. It will offer services that support credit card payments, reward programmes, redemption of merchant coupons and deals, mobile ticketing and advertising, as well as public transport.
Mr Yuen said: “As a leading multimedia solutions provider, we are constantly developing innovative applications that make the most of our networks and mobile technology to enhance the lives of our customers. Our new services will offer innovative ways for customers to have a unique mobile commerce experience on their smartphones and tablets, and provide them with convenience and value for money like never before.”
For more information, please visit www.singtel.com/mpayment.