M1 kicks off digital remittance service

It currently offers eight remittance destinations.

M1 will now be offering a digital mobile remittance service. Dubbed as M1 Remit, the service will allow the telco's mobile customers to access real-time exchange rates and remit funds to their designated recipients through a mobile app or a browser on their smart device.

Payments for M1 Remit transactions can be made at any of the 915 AXS machines located in shopping malls, office buildings, and other sites islandwide using an ATM card.

For customers who do not have bank accounts, they can opt to make cash payments at M1’s IMM and Paragon outlets. Customers will also need to complete a one-time verification process at any of the two outlets, as part of regulatory requirements.

Recipients of remittances will be able to cash out as quickly as within an hour of the transaction from over 23,000 cash agents and 640 banks in the destination countries – the biggest cash-out network for any mobile remittance service in Singapore.

Currently, customers will only be able to remit money to eight destinations – Bangladesh, India, Indonesia, Myanmar, Malaysia, Sri Lanka, Pakistan, and the Philippines. Other remittance destinations such as Thailand and Vietnam will be made available in the coming months.