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SINGAPORE: Next generation mobile payment applications will soon be available through a collaboration between NETS and SingTel.
In trials to be carried out in the later part of the year, SingTel users will be able to wirelessly top up cash stored in their mobile phones.
The application, which is the first in Asia, covers wireless downloads and top-ups of stored value wallets in Near Field Communication (NFC) phones, which are also being tested out for the first time.
NFC is a combination of identification and wireless technologies that enable an NFC device to connect to another NFC or NFC-compatible device.
Conducted with wireless technology through Over-The-Air (OTA) capabilities, the application will make use of mobile phone technologies and applications that will speed up Singapore's move towards a cashless society.
During the public trial that will commence in the fourth quarter of this year, SingTel users will be able to download an mNETS application via GPRS. This will allow the mobile users to store and later top up the value on the mNETS in their phones any time.
Users can store up to S$500 in their mNETS wallets and use the existing wireless infrastructure to make a S$40 top-up per phone every day, using pre-registered credit cards from local banks DBS, OCBC or UOB.
To pay for purchases, users can use NETS FlashPay by simply flashing the mobile phone at NETS contactless terminals.
The technology being tested out will mean people will no longer need to carry cash or wallets when they go out.
NETS CEO Poh Mui Hoon said, "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."
While NETS is looking at ways to make mobile payments pervasive across the economy, SingTel is hoping to expand the usage of mobile NFC.
"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," said SingTel's Executive Vice President of Consumer Business and CEO of SingTel Mobile, Quek Peck Leng.
For a start, electronic coupons known as mNETS Coupons, offering discounts and freebies, will be available for download with an NFC-enabled phone.
All users will have to do is simply flash their NFC enabled mobiles on mNETS Posters or billboards to download the mNETS Coupon that will be offered by participating merchants, including Cheers and FairPrice Xpress, K Box, Cathay Cineplexes and Yoshinoya Restaurants.
One major limitation of the public trials of the NFC technology is that there is only one Nokia phone model that is compatible with the technology at this point in time, so the success of the service really depends on handset manufacturers.
SingTel said it would put out 200 Nokia 6131 for consumers by the end of this year as part of the trial.
It is also exploring possibilities with different companies like Motorola and Ericsson.
SingTel added that Nokia has a very firm road map for NFC technology, which is why the partnership between the two companies was inked.
- CNA/yb/so
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