SingTel has launched its mobile money solution dubbed mCash and its mWallet smartphone application, as part of a goal to displace 20% of cash micropayments by 2018.
The mCash service, available to subscribers of all mobile operators in Singapore, enables users to make payments through their mobile phones.
SingTel plans to extend the service to paying for daily necessities such as transport, food and shopping as well as shopping online, purchasing online game credits and paying bills.
The service also enables users to send payments to their friends and family.
Meanwhile, mWallet enables SingTel mobile customers to use two contactless payment cards on their NFC smartphones -- DBS One.Tap Mastercard and EZ-link virtual card.
DBS One.Tap Mastercard allows customers to pay for goods and services at around 30,000 MasterCard Paypass payment points across the island, including cafes, cinemas and retailers. The EZ-link virtual card can be used at over 20,000 points island-wide, for example, taxis, supermarkets and fast food chains.