Maybank Singapore unveils person-to-person mobile payment service

Here's how Singaporeans can send money directly.

Earlier this November, Maybank unveiled its first person-to-person (P2P) Mobile Payment Service in Singapore, tagged as Maybank Mobile Money.

This newly-launched product allows a person to send money to anyone using a mobile number that is developed by Tagit, an award-winning mobile solutions company.

Using this technology, Maybank customers can now pay anyone, any time, by sending money directly to a Singapore-registered mobile number. The funds can then be collected via any Singapore bank account. Through this service that maps the increasingly tech-savvy lifestyles of Singaporeans, Maybank aims to further reduce the reliance on cash by customers.

Asian Banking and Finance caught up with Lim Kuo Siong, Information Technology and Virtual Banking, Maybank Singapore, to know more about this new product.

ABF: What spurred the launch of P2P mobile payment service?

Maybank launched this service as part of our commitment to continually provide innovative and technologically-advanced products to our customers. Additionally, we recognise that mobile devices are an indispensable part of many Singaporean’s lives and wanted to make it more convenient for people to make payment with a local mobile number on-the-go.

ABF: What's new/unique about it? How can your customers benefit from it?

This is the first service of its kind rolled out in Singapore which allows Maybank customers to make transfers to anyone – their friends, families or even vendors using just the recipient’s mobile number.

Only the sender needs to be a Maybank customer. The receiver can opt to receive the money via any local bank account. In December, receivers also have the option to credit the amount to a local Visa or Mastercard Credit Card.

This service will also help to reduce the reliance on cash and cheques among Singaporeans. It also breaks down traditional barriers such as needing the person’s bank account details, thereby ensuring that sensitive personal data is not revealed to other parties, protecting one’s privacy.

ABF: Anything else you'd like to add?

This service is currently being provided for free.The service is aimed more at individuals and small businesses who do not have large volumes of transactions. It can be used for purchases of goods and services, especially for individuals buying and selling things online via social media platforms such as Instagram or Facebook.

Singaporeans are increasingly shopping online and this is a secure platform that enables them to pay a third-party without having to disclose sensitive banking information.

The Mobile Banking App has direct links to our Facebook page via the social icon. Customers can get updates of our promotions and announcements via our posts. The app is also enabled with Augmented Reality for customers to search for ATMs, branches and card promotions.

For transactions, in additional to paying local bills, conducting funds transfers, remittances and checking balances, customers can also make overseas bill payments to billers in Malaysia.

Maybank Mobile Money is the latest addition to the Maybank Mobile Banking app for sending and collecting.