Singtel and Indonesia’s largest mobile operator Telkomsel launched a real-time mobile remittance service from Singapore to Indonesia.
Offered under the Singtel Dash brand, the service allows customers in Singapore to send money to Pos Indonesia’s 4,500 cash-out points across the country via Weselpos Instan, which is the Indonesian post office’s remittance product.
The companies said the new facility is an upgrade on the current service offered, which enables customers to send money to Indonesian bank accounts.
An estimated 200,000 Indonesians work in Singapore, with remittances from Singapore to Indonesia totalling more than $409 million a year.
Telkomsel CEO Ririek Adriansyah said the partnership is one effort to support the government in promoting financial inclusion for Indonesians, especially the unbanked segment. “Foreign remittance enables them to improve their quality of life as well as provide an opportunity to begin saving for the future. We believe every little effort to promote financial inclusion will also accelerate the growth of Indonesia’s economy.”
In line with their partnership on smart money initiatives, the two operators announced plans to offer mobile remittance to Telkomsel’s TCash, offering a complete mobile wallet to mobile wallet experience. They also will expand the number of cash pick-up points to include GraPARI Telkomsel service centres, as well as Bank BRI branches in the second half of this year.
Singtel Dash is an all-in-one mobile payments service available to everyone in Singapore. Singtel said the number of Singtel Dash customers has grown to about 500,000 and the volume of monthly transactions doubled over the last six months.