Maybank launches first p2p m-payment service in Singapore


P2P service

Maybank Singapore has launched its P2P mobile payment service in Singapore. The new service allows customers to send money to anyone using a mobile number that is developed by mobile solutions company Tagit.

Maybank Mobile Money enables the bank’s online banking customers to 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. Maybank said in a press statement that it aims to further reduce the reliance on cash by customers.

Mr Lim Kuo Siong, Head, Information Technology and Virtual Banking, Maybank Singapore said: “Consumer behaviour is changing rapidly, aided by newer technologies. With the growth of Singapore’s smart phone and tablet penetration, we see a greater reliance on our trusted devices for daily tasks, including financial transactions.”

“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,” he added.

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