NETS and SingTel to offer wireless mobile payments

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, also being tested out or 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 a 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 $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.

While NETS is looking at ways to make mobile payments pervasive across the economy, SingTel is hoping to expand the usage of mobile NPC.

For a start, electronic coupons known as mNETS Coupons, offering discounts and freebies, will be available for downloads with a 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’ll be offered by participating merchants, including Cheers and FairPrice Xpress, K Box, Cathay Cineplexes and Yoshinoya Restaurants.