UOB (United Overseas Bank) enables mobile money transfers

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Earlier this week, local bank United Overseas Bank (UOB) launched a new mobile banking application for the iPhone that includes a Mobile Cash service which allows users to withdraw cash from automated teller machines (ATMs) without the use of their bank cards. This service also allows users to transfer money to a list of registered recipients – including non-UOB bank customers – by the use of an instant text message and a one-time password, which allows a recipient withdraw cash from over 600 ATMs in Singapore.

In a nutshell, you can draw cash – or transfer cash to someone – without the need for a bank card. All you need is an iPhone.

Speaking at the launch of UOB Mobile, UOB’s Head of Group Channels Wendy Teo says: “Our mobile application is not just about having internet banking transactions on the mobile screen. We studied how people use their mobile phone and linked that to our knowledge of their everyday banking needs. We then broadened the scope to look at what other features would matter to them. From there, we developed Singapore’s first Mobile Cash application for our customers to transfer money securely and easily.”

Wendy Teo, head of channels for group retail at UOB, revealed during a media briefing that customers will be able to download the UOB Mobile iOS app from the Apple App Store on Monday. It is looking to release apps for the Android and BlackBerry mobile platforms, as well as a mobile Web version, early next year, she added.

Elaborating on the process for mobile money transfers, Ong said users can select from a list of recipients on their app and specify the amount to be transferred. The sender will also need to create a six-digit, one-time password (OTP) and inform the recipient of the password. Once the sender completes the transaction on his end, a reference number will be sent to the recipient's mobile phone via SMS.

To safeguard users' accounts, they can only send money to up to five recipients and a maximum of S$500 (US$389.75) per day, Ong said. This service will appeal to users who accidentally left their wallets and ATM cards at home, or those who wish to send money to family and friends in need, he added.

Going by internal figures that show two out of three UOB customers are registered Internet banking users, the company expects many of them will use the app too.

The senior vice president also did not elaborate on how the bank plans to protect the app against mobile malware other than to say that UOB had built the app based on "stringent requirements" set by local regulators, and will make efforts to prevent the app from being compromised.




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