This will be the first person to person experience that will be available to residents of the country.
Maybank Singapore has just announced that it has become the first person to person mobile payments service in the country with the launch of its Maybank Mobile Money app.
This allows consumers who have the app on their smartphones to send funds to anyone.
Through the use of this mobile payments service, people in Singapore will be able to download the app and then send money to whomever they want through the use of a cell number created by Tagit. That company is an award winning mobile device solutions company.
The mobile payments service is designed to allow funds to be sent between online banking customers.
This gives them the opportunity to share funds through a mobile payments service at any time through a Singapore-registered cell phone number. Then, the recipient can collect the money directly into his or her bank account based in Singapore. This service closely reflects the growing connection that people in the country have with their smartphones, as they use them for a growing number of their everyday activities. Maybank is also using it to help to further decrease the current reliance that the population has on cash.
According to the Maybank Singapore head of information technology and virtual banking, Lim Kuo Sion, “Consumer behavior is changing rapidly, aided by newer technologies. With the growth of Singapore’s smart phone and tablet penetration, we see a greater reliance on our trusted devices for daily tasks, including financial transactions.” He went on to add that this mobile payments service is an innovative solution that can simplify the process even more by allowing customers to take control over their own transactions to known recipients. He underscored that this convenient method is instant and secure, making it highly appealing.
The belief at Maybank Singapore is that by giving consumers the chance to send mobile payments directly to smartphone numbers, it will reduce the need to use checks and cash when giving money from one person to another. This will also provide customers with an additional transaction method that will suit their increasingly mobile dependent lifestyles.
This startup has launched in the United Kingdom and is already targeting 20 million users in the next 4 years.
Zapp, a mobile payments company in the United Kingdom, has vowed that it will reach 20 million users by the close of the year 2017, which would bring them to a size in which they would be considered a rival to more traditional giants in the transaction industry, such as Visa or MasterCard, by the time the decade is done.
This service was implemented earlier this year by VocaLink with the goal of boosting real time transactions.
The purpose was to bring the Zapp mobile payments, in real time, to the in-store experience, as well as online and through apps. This would help to boost the smartphone based experience both over m-commerce as well as in brick and mortar shops in the United Kingdom. It was accomplished through the integration of its system into banking applications and by using the Faster Payments rail taps.
Zapp is currently on the cusp of solidifying mobile payments deals with as many as three large banks in the United Kingdom.
Those institutions would, in turn, invite their own customers to choose to take part in the service once it is officially rolled out in the second half of 2014.
The customers who opt into this mobile payments service would be able to pay for their products and services by using their banking app, bypassing the need to use the traditional card networks. This system, according to Zapp, is even more secure and convenient than other options that are currently available to consumers as they don’t need to provide the retailer or merchant with any of their card data. Instead, there is a token that lasts for only a few moments and has no intrinsic value, but that provides the authorization for the payment request. This is passed from the retailer to Zapp, and then onward to the bank of the customer.
Especially in the case of in-store purchases, Zapp explained that the lengthy log-in requirements that are currently used by some banks for their apps access could make the process unappealing for consumers. However, Zapp allows the same bank to be used while overcoming that issue through “adaptive authentication”, which reduces the barriers for smaller sized mobile payments.
