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UOB first to launch contactless payment with banking mobile app
UNITED Overseas Bank (UOB) on Tuesday officially launched its mobile application that allows users of Android smartphones to pay for their purchases by tapping their phones, the first for a Singapore bank.
This option does away with the S$100-limit for all contactless payments in Singapore. With this, customers that make contactless payments through UOB's mobile app can spend up till their credit or debit card limit.
The current suite of terminals for contactless payments can accept under-S$100 payments done through the phone, though purchases above S$100 can only be made at some 10,000 payment terminals islandwide, for now. Other terminals are in the process of being upgraded to accommodate the higher payment limit.
This form of contactless payment is done by linking an NFC-enabled (near field communication) Android smartphone and a UOB Visa credit or debit card. The pay service will be enabled for MasterCard cardmembers early next year. The transaction will be made secure through the use of tokenisation: customers will have to enter a PIN for the transactions to go through.
This service should apply to contactless payments on NFC-enabled terminals found overseas.
The app, known as UOB Mighty, will also offer a dining feature that can recommend restaurants to users based on their current location, and submit genuine reviews on the dining establishments. The app currently has a directory of more than 3,000 restaurants, as curated by the bank.
The app has had 55,000 unique downloads in the 10 days since its soft launch.