Singapore’s UOB Bank has launched two innovations that leverage contactless mobile payment technology for its customers’ convenience.
Instant digital credit card issuance. UOB cardmembers will be the first in the world to enjoy instant digital credit card issuance through their smartphones, according to a press release UOB published on Wednesday.
Existing UOB 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 2016. 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.
Withdraw Cash Simply
By the end of this month, UOB will also roll out 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.
Rolled Out to High-Traffic Locations
Android phone users will be able to start tapping on these contactless ATMs using the UOB Mighty Pay app by January 2017. This will be available to UOB MasterCard cardmembers first and subsequently to UOB Visa cardmembers.
The first wave of UOB Contactless ATMs will be rolled out to high-traffic locations, such as Raffles Place, and selected UOB branches. Customers will be able to locate these contactless ATMs through the UOB Mighty App.
A Journey That Began in 2007
UOB’s contactless journey began in 2007, when the Bank introduced Singapore’s first contactless card, the UOB One Card. In 2015, UOB again led the industry in contactless payments technology when it launched UOB Mighty, Singapore’s first mobile banking app with contactless payment capabilities.
The bank expects that mobile contactless payments will account for one in five transactions made on all UOB credit and debit cards by 2020.