Maybank Singapore launches P2P mobile payment service

Source: Maybank Singapore

Maybank Singapore today announced the launch of Maybank Mobile Money, the first person-to-person (P2P) mobile payment service in Singapore that allows a person to send money to anyone using a mobile number that is developed by Tagit, an award-winning mobile solutions company.

Available from today, Maybank's online banking customers can 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.    

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. Maybank Mobile Money is an innovative service that aims to simplify this even further by enabling our customers to manage their daily payment transactions to known recipients through a convenient, secure, and instant medium. 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."    

Given the increased usage of social networks and video among smart phone users, and Singapore's top five ranking for app usage, Maybank saw the opportunity to further innovate its digital services.  This prompted the development of Maybank Mobile Money in partnership with mobile solutions company Tagit to leverage the inherent capabilities of smart phones to simplify a day-to-day service like money transfers to known recipients via their Singapore-registered mobile number.    

Commenting on the announcement, Mr Sandeep Bagaria, CEO of Tagit, said: "Leading financial institutions like Maybank Singapore are constantly innovating their mobile banking services to provide users with the best mobile payment experience. Factors such as convenience, ease-of-use and security rank very highly in the minds of mobile banking customers. Maybank Mobile Money delivers a new and practical option for customer payment needs via our secure, platform."    

Maybank Mobile Money provides Singaporean customers with an alternative payment and collection method for transactions traditionally done via cash or cheque. The mobile app uses Tagit's secure, robust and scalable mobility solution platform "Mobeix" to enable person-to-person social payments, such as the splitting of bills, and taxi fares, payment of fees to small businesses including private tutors and sports coaches, and payment for purchases conducted through social media.    

The Maybank Mobile Money service is available as part of the Maybank Mobile Banking App, which was launched in 2012 on the Tagit Mobeix platform. The app, Maybank SG, is available in both the Apple App and Google Play stores. 

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