Ever grimaced at the need to find an ATM when you have to pay a friend or the taxi driver?
Well, life is about to get simpler with SingTel and Standard Chartered Bank's new mobile money service Dash.
Unveiled yesterday, the mobile app takes the idea of the digital wallet a step further. Users can access the services of an ATM conveniently on their mobile phones.
The free app is available on Apple's iTunes and Google Play Store to customers of any local mobile service provider and bank. It offers three services: Dash Easy, Dash Advance and Dash Abroad.
Dash Easy enables users to set up a Standard Chartered savings account linked to a mobile cash (mCash) account via their phone, which they can use to pay friends and businesses.
Money can be deposited into the Dash Easy Savings Account either online via another bank's online money transfers, the user's mCash account, or via cash or cheque deposit at any Standard Chartered Singapore branch.
A special feature of the app is sending money to friends who are within close proximity with just a swipe on mobile phone screens.
The only requirement is that your friend uses the app.
Users can use the money stored in the mCash account to pay Comfort, SMRT and Prime cabbies, as well as cashiers at businesses like Watsons, Koi Cafe, 7-Eleven and WingTai retail outlets such as Topshop.
By the end of the year, users will be able to whip out their phones and pay at more than 20,000 acceptance points.
With Dash Advance, customers can apply for a personal loan of up to four times their monthly salary, up to a maximum of $200,000, on their phone.
The third service is Dash Abroad, which is a travel insurance plan that allows users to pick and choose the coverage they require, with a basic plan starting from $20.
"(Dash) is a suite of mobile money services which integrates three important components: mobile banking, mobile payments and mobile shopping," said Allen Lew, SingTel's chief executive officer of group digital life.
All the user's key information is stored "either with the bank, or with SingTel", said Som Subroto, Standard Chartered's regional head of retail clients (ASEAN).
Users will be required to key in a six-digit PIN to access payment transactions on the app.
"The mobile app will be convenient if I forgot my wallet but, at the same time, there are other ways of paying at stores like Visa payWave," said research writer Tan Qing Hui.
"The ability to transfer money immediately to friends is a great service. No longer do I have to awkwardly ask my friends to return me money," she said.
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