Singtel has launched mCash, a mobile money service that the operator describes as an alternative to cash for P2P transactions such as splitting bills, dispensing pocket money, paying for taxis, overseas remittances, as well as for daily purchases like transport and shopping.
The service is available to subscribers of rival operators in addition to Singtel’s own customers. The service does not use NFC unlike the mobile payments service launched by Singtel in August last year.
Singtel’s announcement is unclear about which services are immediately available. However, tt does say in coming months that users will be able to pay for public transport and go shopping using funds stored in their mCash account.
Users can top up their mCash accounts at outlets including AXS stations and the operator’s own shops.
Some features of the service, such as international remittances, will be open to featurephone users, and not just those with smartphones.
Singtel has also launched a new mwallet app for smartphones which enables subscribers of any network to access their mCash accounts easily and carry out transactions.
An Android version of the wallet app is available at launch followed by an iOS version in coming weeks.
Users can make payments from the wallet using two contactless payments cards on their NFC smartphones: DBS One.Tap and EZ-link virtual card. The DBS One.Tap cared was also launched by rival M1 at the end of March and is also available with Starhub.