Maybank Singapore has launched a P2P mobile payment service that allows Singaporeans to send money to virtually anyone and manage and make payments using a mobile number.
The Maybank Mobile Money service, touted as the first of its kind in Singapore, aims to provide Singaporeans and small businesses with an alternative payment and collection method for transactions traditionally done via cash or check.
“We recognize that mobile devices are an indispensable part of many Singaporeans' lives and want to make it more convenient for people to make payment with a local mobile number on-the-go,” said Lim Kuo Siong, Maybank Singapore’s head of information technology and virtual banking.
With the new service,Maybank’s online banking customers can now send money directly to a Singapore-registered mobile number at any time. The funds can then be collected via any Singapore bank account, or from December using a local Visa or Master credit card.
The service can also be used for P2P social payments, such as the splitting of bills, and taxi fares, payment of fees to small businesses including private tutors and sports coaches, and payment for purchases conducted through social media such as Instagram or Facebook.
As well as paying local bills, conducting funds transfers, remittances and checking balances, customers can also make overseas bill payments to billers in Malaysia, Lim noted.
Lim said the service not only help reduce the reliance on cash and checks among Singaporeans but also breaks down traditional barriers such as the need of the person’s bank account details, thereby ensuring that sensitive personal data is not revealed to other parties, protecting one’s privacy.