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Source:
www.nets.com.sg |
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NETS and SingTel to Launch Next Generation
Mobile Payment Applications |
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New Trial Service to Feature Asia’s First NFC
Stored Value Purse with Over-The-Air Capabilities |
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Singapore’s leading electronic payments
provider, NETS, has teamed up with Asia’s leading communications
provider, Singapore Telecommunications Ltd. (SingTel), to announce the
republic's first Near Field Communication (NFC) trials. |
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By including a stored value wallet with
Over-The-Air (OTA) capabilities, which covers wireless downloads and
top-ups of stored value to NFC phones, the trial becomes a first in
Asia. |
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This trial, conducted with wireless
technology (through OTA capabilities), will make use of mobile phone
technologies and applications to further improve user convenience
through the use of their mobile wallets. This initiative will speed up
Singapore’s move towards a cashless society. |
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Under the payment solution being planned,
SingTel users will need to download a mNETS application, which will
allow them to store and top up value on the mNETS payment application in
their phones any time. Users will then be able to make payments using
NETS FlashPay by flashing their SingTel mobile phones at NETS
contactless terminals islandwide. |
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NFC is a combination of identification and
wireless technologies that enable an NFC device to “talk” to another NFC
or NFC-compatible device. NFC is based on an industry and ISO standard
by the NFC Forum comprising major phone manufacturers. It is compatible
with NETS retail terminal infrastructure. |
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"The NFC trial by NETS and SingTel will
blend NETS’ leadership in cashless payments with SingTel’s quality
network and knowledge of the mobile phone technologies. Users no longer
need to open their physical wallets to make purchases of small items. We
believe that this technological platform is one of NETS way of making
our users’ life great," said NETS CEO Poh Mui Hoon. |
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SingTel’s Executive Vice President of
Consumer Business and CEO of SingTel Mobile, Mr Quek Peck Leng
said, "We are excited to introduce our mobile wallet concept and
we are pleased to work with like-minded strategic partners like
NETS on mNETS services. NFC technology on a mobile device brings a
total new dimension to how mobile customers use their handsets and
will improve customer experience at point of sale." |
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"SingTel plays a vital role in the
mobile NFC value chain by providing and enabling a leading edge
infrastructure that is both trusted and reliable. Our technology
expertise has helped ensure the smooth convergence of this nascent
NFC technology with the mobile environment." |
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Once the public trials commence later
this year, SingTel users can download mNETS via GPRS and follow up
with the topping up of their mNETS payment application. The mNETS
wallet allows the user to store value up to S$500. |
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Topping up of the mNETS wallet will be
equally convenient. SingTel users can make use of the existing
wireless infrastructure to top up their mNETS wallet. Users can
top up to S$40 per phone, per day, using their pre-registered
credit cards from DBS, OCBC or UOB during the trials. |
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At the point of purchase, users can
then make payments using NETS FlashPay by simply flashing their
mobile phones at NETS contactless terminals. |
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NETS' CEO, Ms Poh added, "The NFC will
be the next big thing for electronic payments. We anticipate that
with the alliance with SingTel, we will be looking at three out of
ten mobile phones being NFC compatible in 2012 and users can use
mNETS services to make contactless payments." |
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Mr Quek added, "Our vision is to
enable as many applications as possible onto the mobile wallet and
we are working towards implementing mobile NFC for security card
access, loyalty cards, redemption of mobile or merchant coupons
and storing of contact details, for instance." |
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One other application under mNETS will
be the mNETS Coupons, an electronic coupon that can be downloaded
with a NFC enabled phone to provide the SingTel user with
discounts and freebies. A simple flash of NFC enabled mobiles on
mNETS Posters or billboards will download the mNETS Coupon with
the promotion. There will be over 400 outlets at participating
merchants, including Cheers and FairPrice Xpress, K Box, Cathay
Cineplexes and Yoshinoya Restaurants. |
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mNETS Coupons will open up new
business and marketing opportunities for NETS and SingTel
merchants. |
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The mobile payment initiative is part
of NETS’ and SingTel’s vision of bringing mobile payments to
Singaporeans. NETS is studying this initiative under its broader
mNETS strategy which will make mobile payments pervasive across
the economy. |
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"OCBC Bank is pleased to be part of
this mNETS initiative. This move by NETS is commendable as it can
truly make cashless payments hassle-free for consumers. We
certainly see mNETS as a natural conduit to complement our efforts
in providing convenient alternatives in mobile payment and banking
for our customers to match their increasingly mobile lifestyles,"
said Mr Patrick Chew, Head of Delivery, OCBC Bank. |
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Mr Eddie Khoo, Executive Vice
President and Global Head of UOB Personal Financial Services said:
"We are pleased to be NETS' partner for this trial. We are also
especially excited over the prospect to offer cardmembers yet
another means for them to tap on a credit card to facilitate
transactions. This trial certainly marks another milestone for UOB.
It reinvents the way a credit card can be used and reflects the
dynamism of a UOB credit card." |
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NETS aims to enable the mNETS payments
for use in Transit come 2010. |
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NETS and SingTel, plan to start a
staff trial in September and a public trial in fourth quarter of
2007. The NFC technology and OTA applications used in this service
are developed by ViVOtech Inc. USA. |
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Source:
www.nets.com.sg Press Release
4 Sep 2007 |
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FrontPage Edition: Fri 7 September 2007
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