SingTel and Visa yesterday announced good news to consumers. Come 2014, consumers will be able to wave their smartphones at Visa payWave acceptance points worldwide to pay for their goods.
The Visa will be linked to SingTel’s mCash. Customers will also be able to make eCommerce purchases online by entering their Visa prepaid account number linked to their mCash account. Read the Press Release for more details.
SingTel and Visa announce mobile payment alliance
Singapore, 1 August, 2013 – SingTel and Visa have announced a strategic alliance that will enable consumers in Singapore and Australia to pay for goods and services using their smartphones at all Visa payWave acceptance points worldwide.
Visa is working with SingTel to link Visa prepaid accounts to mCash, SingTel’s mobile money solution. Planned for launch in early 2014, the service allows mCash customers to wave and pay with their NFC-enabled smartphones for daily necessities such as coffee, fast food, groceries and movie tickets at Visa payWave acceptance points. There are currently more than 12,000 Visa payWave acceptance points in Singapore and over 100,000 across Australia.
Payments will not be limited to Singapore and Australia, and will extend beyond NFC transactions. Customers will also be able to make eCommerce purchases online by entering their Visa prepaid account number linked to their mCash account.
Ms Gan Siok Hoon, SingTel’s Vice President for mCommerce, said: “SingTel is excited to broaden the capabilities of mCash with Visa payments in our push towards a cashless society. With Visa’s extensive network, cashless payments will be even easier and more convenient for our customers. From indulging in retail therapy to paying for meals and entertainment, a mobile phone will truly be all that you will need for a day out. This Visa alliance further cements the role that the mobile phone plays as an all-in-one tool for commerce, information, entertainment and lifestyle needs.”
Ooi Huey Tyng, Visa Country Manager, Singapore and Brunei, said: “This alliance with SingTel demonstrates Visa’s commitment to driving the evolution of mobile payment services in partnership with major multinational Mobile Network Operators in developed and emerging markets. This alliance will deliver more mobile payment solutions to some of our key developed markets in Asia Pacific, backed by the security, trust and global acceptance the Visa brand represents.”
SingTel is Asia’s leading communications group providing a portfolio of services including voice and data solutions over fixed, wireless and Internet platforms as well as infocomm technology and pay TV. The Group has presence in Asia and Africa with 468 million mobile customers in 25 countries, including Bangladesh, India, Indonesia, the Philippines and Thailand. It also has a vast network of offices throughout Asia Pacific, Europe and the United States.
About Visa Inc.
Visa is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 30,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit corporate.visa.com
Annex 1 – About SingTel mCash
mCash is Singapore’s first mobile money solution. Launched in April 2013, it enables users to make payments quickly and easily through their mobile phones, while on the move. It is available to subscribers of all mobile operators in Singapore. In the coming months, consumers will be able to pay for their daily necessities, such as transport, food and shopping, using funds stored in their virtual mCash account. They will also be able to use mCash to shop online, purchase online game credits and pay bills. This mobile money solution is the first of its kind in Singapore to enable customers to pay their friends and family instantly, making tasks such as splitting bills in restaurants and overseas remittances a breeze.
Together with the introduction of mCash, SingTel launched the mWallet smartphone app to allow mobile subscribers of any network to access their mCash easily and carry out transactions. mWallet also offers SingTel mobile customers the convenience of using contactless payment cards on their NFC smartphones.
For more information, please visit www.singtel.com/mcommerce.
Annex 2 – Snapshot of Select Merchants that accept Visa payWave in Singapore
- Burger King
- The Coffee Bean
- Cold Storage
- Polar Puffs & Cakes
- Din Tai Fung
- Sake Sushi
- Bata Shoes
- Crystal Jade My Bread
- Eng Wah Cinemas
- Golden Village
- Hang Ten
- Pepper Lunch
- Cathay Cineplexes
- Fragrance Food
- Popular Book Company
- Salad Stop
- Chilli Padi