United Overseas Bank (UOB) has unveiled contactless mobile payment technology for its customers’ convenience.
Existing credit cardholders will be able to apply for, receive and use the most popular UOB credit cards through the UOB Mighty app by the end of October. According to the bank, the instant digital card issuance capability allows customers to use the newly issued card within minutes of requesting it. This will enable them to take advantage of promotions specific to the credit card on the spot, or obtain a new card if they have misplaced it.
With instant digital card issuance, UOB cardmembers can apply for and receive a digital credit card in minutes and use it immediately to enjoy its benefits.
said Dennis Khoo, Head of Personal Financial Services Singapore, UOB.
Near Field Communication contactless ATMs
By the end of this month, the Singapore based bank will also launch Southeast Asia’s first Near Field Communication (NFC) contactless Automated Teller Machine (ATM). This ATM will enable the Bank’s customers to withdraw cash simply with the tap of their smartphones. Customers with MasterCard credit and debit cards on Apple Pay will be the first to enjoy this service.
By January 2017, at least 60 such ATMs will be in operation and by December 2018, all its current ATMs will be replaced and new machines will be enabled with NFC contactless capabilities.
Android phone users will be able to start tapping on these contactless ATMs using its app by January 2017. This will be available to UOB MasterCard cardmembers first and subsequently to Visa cardmembers. The first wave of Contactless ATMs will be rolled out to high-traffic locations, customers will be able to locate these contactless ATMs through the bank’s app. Khoo further added,
We have seen monthly mobile contactless payments made on UOB cards grow by more than 20 times since the launch of UOB Mighty last November. This is why we are offering customers the option of using contactless technology to withdraw cash at ATMs.
UOB’s contactless journey began in 2007, when it introduced Singapore’s first contactless card, the UOB One Card. In 2015, it again led the industry in contactless payments technology when it launched UOB Mighty, Singapore’s first mobile banking app with contactless payment capabilities. UOB expects that mobile contactless payments will account for one in five transactions made on all UOB credit and debit cards by 2020.