SingTel to launch mRemit mobile service

It will be the first service of its kind in Singapore.

In a release, SingTel's mobile remittance service, named mRemit, will be the first service of its kind in Singapore to allow consumers to use their mobile phones to remit funds to an overseas recipient's mobile wallet account. The sending and receiving parties will both be notified by SMS once transactions have been successfully completed.

Unlike traditional remittance services, SingTel mRemit will enable secure fund transfers at competitive rates, in seconds rather than days, thus allowing recipients to enjoy immediate access to their money. In addition, exchange rates will be transparent and easily verifiable for customers, saving them time and effort.

From 17 September, over-the-counter remittance will be available via the Lucky Plaza store, with the mobile service launching in the coming months. At launch, customers will be able to remit funds to the Philippines, in collaboration with GCASH, the mobile commerce service offered by SingTel's regional associate, Globe Telecom. Recipients can claim the remitted funds through 6,000 designated locations or 9,000 ATMS across the Philippines. Alternatively, they can use the funds, via their mobile wallet, to purchase goods and services, top-up prepaid mobile services, pay their credit card and utility bills, renew insurance policies and repay loans.

SingTel plans to leverage its regional scale to extend the service quickly to countries in which the SingTel group affiliates operate, and where remittance services are in high demand.

SingTel will progressively launch a suite of mobile payment services this year. For example, customers can look forward to remote payment services which use the stored value wallet to pay utility bills, fines and parking fees, shop online, purchase online game credits, as well as top-up prepaid mobile services. 

SingTel will also extend its NFC services beyond ez-link retail payments. It will offer services that support credit card payments, reward programmes, redemption of merchant coupons and deals, mobile ticketing and advertising, as well as public transport.