In order to stay ahead with the competition and avoid cognitive dissonance among the customers, Companies are coming up with new and innovative technologies in payments which can ensure that payments transactions are made simpler, secure and faster for the customers. Joining the scheme of things, Maybank Singapore has launched Maybank Mobile Money, the first person to person mobile payment service in Singapore.
Maybank Mobile Money provides Singaporean customers with an alternative payment and collection method done via cash or cheque.The mobile app uses Tagit “Mobeix” mobile solution platform to enable a person to send money directly to a Singapore registered mobile number. The funds can then be collected via any Singapore bank account.
The app can be used for splitting of bills, payment of taxi fares, payment of fees to small businesses Including private coaching classes and sports fees.
For using the Maybank Mobile Money customer needs to install Maybank mobile Money which is available on platforms like Android play store, Windows play store, Apple appstore.
Features of Maybank Mobile:
Maybank Mobile Money allows customers to pay for online purchases.
It helps customers in reducing dependence on cheques and cash and offers cashless payment solutions.
It protects the data privacy such as bank account details which are not required for this services.
MayBank said each transaction comes with a Personal Identification Number (PIN) to ensure safety.
The money receiver will have to obtain a PIN from the sender to get the fund transferred into their account.
By making request for a PIN,the sender will ensure that the money is going to the correct party.
“Consumer behaviour is changing rapidly, aided by newer technologies. With the increasing smartphone and tablet penetration in Singapore, we see a greater reliance on our trusted devices for daily tasks, including financial transactions” said Lim Kuo Siong, Head of IT and Virtual Banking at Maybank. He also added that “Enabling payments directly to a mobile number will further reduce reliance on cash and cheque, and offer customers an alternative payment method that fits perfectly with our mobile lifestyles.”
LTP View: Maybank says the app will make the payments faster, secure and time saving for users in Singapore. Being a First mover with its platform, Maybank could see early adoption from consumers. Its unique solution to offer Person to Person transfer, using a mobile number will help the company to retain and create new customers.