Citibank Singapore Limited and Visa announced the launch of the Citi M1 mobile Visa payWave payment pilot in Singapore – the first programme in Singapore where a mobile phone will double as a credit card.
The Citi Visa pilot, supported by M1, enables Citi M1 Platinum Visa cardholders to pay for purchases using a Nokia 6212 classic at more than 750 merchant locations across Singapore. Participating merchants include cafes and restaurants such as The Coffee Connoisseur (tcc), Ichiban Boshi, book stores such as Popular and Harris, and retail and music shops such as Gramophone.
Up to 300 selected Citi M1 Platinum Visa cardholders will be invited to join the three-month pilot, which begins in May. Cardholders will be provided a Nokia 6212 classic, a Near Field Communication (NFC)-enabled handset by M1. Citi M1 Platinum Visa cardholders purchase an item at a Visa payWave merchant simply by waving the mobile phone over a contactless reader at the point of sale.
The Citi M1 mobile Visa payWave pilot seeks to gain feedback and insight into consumers’ mobile payment behavior and motivations. At the completion of the pilot, Citibank, M1 and Visa will evaluate opportunities to further develop mobile payment technology in line with Infocomm Development Authority of Singapore’s (“IDA”) vision for interoperable NFC services in Singapore.
Mr. John Denhof, Business Director of Credit Payment Products, Citibank Singapore Ltd said, “Citibank has consistently led the industry by introducing innovative products and services that enhance our customers’ banking experiences. This collaboration with Visa and M1 is testimony to our continuous endeavour to acquire new technologies that can provide enhanced convenience, accessibility and mobility for our customers.”
Ms. Meranda Chan, Visa’s Country Manager for Singapore and Brunei said, “Singaporeans are already familiar with mobile technology and by providing a new payment channel, Visa is looking to extend the safety and convenience of paying with a Visa card to the mobile phone. This will give Singaporeans greater choice in how they make purchases while on the go. Setting this pilot apart is the fact that the participating merchants cover all the things Singaporeans like to buy – be it the daily coffee, a meal, the latest CD or book or a new pair of shoes, those participating in this trial will be able to wave, pay and go using their mobile phone.”
Mr. Denhof continued, “Mobile payment technology, when paired with a credit card account, has the great potential to change the future of consumer behaviour in how we make payments and transact daily. We believe there are many opportunities for mobile payment services in Singapore, which has one of the highest mobile phone penetration rates in the world. However, we recognise the challenges of commercialisation and scalability in the current environment. Thus, with this pilot, we aim to gain greater insight into what drives mobile payment usage and get feedback on the customer experience.”
During the three-month pilot, Citibank and M1 will conduct several online surveys of participants’ experiences for a continuous stream of feedback and insight. A post-pilot assessment will also be conducted to consolidate the trends in participants’ mobile payment behavior and experiences. These learnings and insights will be shared with IDA at the end of the pilot.
Mr. P. Subramaniam, Chief Marketing Officer of M1, said, “With the industry’s commitment to grow mobile payment services, the launch of this pilot could not have come at a better time. We are delighted to mark the 10th year of our partnership with Citibank with this collaboration. By having a better understanding of consumer behaviour through this project, we hope to develop compelling mobile payment services for both the consumers and our business partners.”
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