Under terms of the agreement, Visa will link customers' prepaid accounts to mCash, SingTel’s mobile money solution, and a launch is set for early 2014.
“This Visa alliance further cements the role that the mobile phone plays as an all-in-one tool for commerce, information, entertainment and lifestyle needs,” said Gan Siok Hoon, VP for mCommerce at SingTel.
The mCash solution allows customers to pay for products at all Visa payWave acceptance points, of which there are over 12,000 in Singapore, and more than 100,000 across Australia.
“This alliance with SingTel demonstrates Visa’s commitment to driving the evolution of mobile payment services in partnership with major multinational Mobile Network Operators in developed and emerging markets,” said Ooi Huey Tyng, Visa country manager for Singapore and Brunei.
In recent months, several carriers have been focussing on mobile money services, and SingTel’s partnership follows developments in Jordan and Russia for similar services.
