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Singapore telecom giants launch mobile payments programs
August 28, 2012 - 4:25pm
Two major Singapore wireless operators, SingTel and M1, have both recently launched mobile wallets with payment processing applications, Finextra reports. Customers will now be able to make purchases by simply tapping their wireless devices on advanced point of sale terminals at retail outlets.
This comes on the heels of the government's announcement last year to appoint and create a consortium focused on building an advanced mobile payment processing infrastructure. According to the news source, the Infocomm Development Authority of Singapore (IDA) had pledged to work with third-party vendors such as Citibank and DBS Bank to erect a complex $40 million network that would work with other telecommunications companies for the widespread rollout of mobile payments across the island.
The new service from SingTel, developed in conjunction with local prepaid card specialist EZ-Link, will allow customers who purchase NFC SIM cards with their mobile phones to make cashless payments. There are currently 20,000 point of sale terminals at various retail locations - including supermarkets, fast food chains and taxis - that would allow customers to simply tap their supported handsets and quickly complete transactions.
"The NFC solution that we are launching today is the first of many innovative mobile services that SingTel will unveil," Gan Siok Hoon, the VP of m-commerce for SingTel, told the news source. "We will progressively launch differentiated services that enhance our customers' lifestyles and provide them with a unique mobile commerce experience, ranging from payments to value-added services."
Meanwhile, the M1 Mobile Wallet has a similar agreement with EZ-Link, as well as with MasterCard. This program lets its users make contactless payments and manage their accounts via their phones, with stringent security measures put in place to put any worries at ease.
Mobile methods of payment processing have already pervaded nearly every expenditure in our daily lives, from our online shopping binges to our first cup of coffee in the morning. Now, mobile payments are entering an unexpected realm - video games.