Maybank launches Maybank Mobile Money, first P2P Mobile Payment Service in Singapore

Developed by Tagit, the service reduces reliance on cash, enabling transfers to friends and family on the go

SINGAPORE, November 11, 2013: Maybank Singapore today announced the launch of Maybank Mobile Money, the first person-to-person (P2P) mobile payment service in Singapore that allows a person to send money to anyone using a mobile number that is developed by Tagit, an award-winning mobile solutions company.

Available from today, Maybank’s online banking customers can pay anyone, any time, by sending money directly to a Singapore-registered mobile number. The funds can then be collected via any Singapore bank account. Through this service that maps the increasingly tech-savvy lifestyles of Singaporeans, Maybank aims to further reduce the reliance on cash by customers.

Mr Lim Kuo Siong, Head, Information Technology and Virtual Banking, Maybank Singapore said: “Consumer behaviour is changing rapidly, aided by newer technologies. With the growth of Singapore’s smart phone and tablet penetration, we see a greater reliance on our trusted devices for daily tasks, including financial transactions.

Maybank Mobile Money is an innovative service that aims to simplify this even further by enabling our customers to manage their daily payment transactions to known recipients through a convenient, secure, and instant medium. Enabling payments directly to a mobile number will further reduce reliance on cash and cheque, and offer customers an alternative payment method that fits perfectly with our mobile lifestyles.”

Given the increased usage of social networks and video among smart phone users, and Singapore’s top five ranking for app usage, Maybank saw the opportunity to further innovate its digital services. This prompted the development of Maybank Mobile Money in partnership with mobile solutions company Tagit to leverage the inherent capabilities of smart phones to simplify a day-to-day service like money transfers to known recipients via their Singapore-registered mobile number.

Commenting on the announcement, Mr Sandeep Bagaria, CEO of Tagit, said: “Leading financial institutions like Maybank Singapore are constantly innovating their mobile banking services to provide users with the best mobile payment experience. Factors such as convenience, ease-of-use and security rank very highly in the minds of mobile banking customers. Maybank Mobile Money delivers a new and practical option for customer payment needs via our secure, platform.”

Maybank Mobile Money provides Singaporean customers with an alternative payment and collection method for transactions traditionally done via cash or cheque. The mobile app uses Tagit’s secure, robust and scalable mobility solution platform “Mobeix” to enable person-to-person social payments, such as the splitting of bills, and taxi fares, payment of fees to small businesses including private tutors and sports coaches, and payment for purchases conducted through social media.

The Maybank Mobile Money service is available as part of the Maybank Mobile Banking App, which was launched in 2012 on the Tagit Mobeix platform. The app, Maybank SG, is available in both the Apple App and Google Play stores.

Powered by Tagit, Mauritius Commercial Bank turns Mobile Phones into Smart Wallets

New mobile application developed by Tagit enables mobile payments and cardless cash withdrawal from ATMs and accredited merchants

Singapore, July 24, 2013 –Tagit, a leading Singapore mobile solutions company, in partnership with Mauritius Commercial Bank (MCB), has introduced “Juice,” the first mobile banking service that enables cardless cash withdrawals and mobile payment capabilities in Mauritius. Developed and deployed in just three months, the new service delivers on the bank’s commitment to offer innovative services to meet the needs of its customers.

Mauritius Commercial Bank’s Juice app offers innovative means of cardless withdrawal through functions like “Juice Cash” and “Juice ATM.” Juice Cash allows customers to withdraw cash from Juice-enabled agents (accredited small shops, boutiques and other merchants) nationwide by transferring money to them via their mobile phones. Juice ATM allows customers to use their Juice app to send money to persons who can then withdraw the cash transferred by keying in relevant codes at MCB ATMs but without using a card.
MCB’s “Juice Payment” option enables customers to use their mobile phones as a credit card by allowing them to make person-to-merchant payments to accredited providers such as doctors, merchants and taxi drivers displaying the “Juice” logo.

Mr. Binesh Mangar, Head of Cards SBU at Mauritius Commercial Bank said: “There is great demand for innovative m-commerce services among consumers in Africa, and MCB is committed to leading the way in mobile banking services. Tagit has built with us a cutting edge, world-class MCB app that has set the benchmark for mobile payments and banking. We chose Tagit as our technology partner based on their expertise of developing and deploying customer-centric mobile solutions.”

Commenting on the launch of Juice, Mr. Sandeep Bagaria, CEO of Tagit, said: “As the payments industry evolves mobile will play an increasingly critical role in it. Led by thought leaders like MCB, customers will benefit from innovative banking services and products that were not possible before. A market like Mauritius with more than 100% mobile penetration is ripe for such new services. We are excited at having launched “Juice” with MCB and look forward to delivering more innovation in the future.”

Other features of the Juice app include offering customers the convenience of performing fund transfers, and basic mobile banking functions such as checking account balance, and viewing account details and prior transactions. MCB’s m-banking app is available in the Google Play store and the Apple App store. The Juice mobile banking service is available only to MCB’s internet banking users.

Tagit Introduces aggregated mobile payment services with its mobility platform

Addresses rising mobile banking & commerce demand in Asia, Middle East and Africa

Singapore, March 5, 2012 – Tagit, leading mobile solutions innovator and provider, has announced the availability of the latest release of its proprietary Mobility Platform to meet rising demand for mobile commerce and payment services in Asia, Middle East and Africa. The latest release of Tagit’s Mobility Platform will enable banks, enterprises, payment networks and aggregators that are ramping up mobile commerce initiatives to rapidly integrate and seamlessly deliver secure mobile payment services in one single, integrated application at lower total deployment cost.

Gaining traction in the Middle East, Tagit has recently partnered with Knet, the National Payment Switch in Kuwait to provide end-consumers with one integrated application for all their payment transactions, the first-ever hosted transaction-based service in the Middle-East. In collaboration with its Kuwait partner, MPay, Tagit will be rolling out Knet’s first mobile payment service through their Tasdeed Service which will enable e-government, telecom and mobile payments.

Tagit’s robust, scalable and highly secure platform architecture enables payment switch operators and aggregators to create the ecosystem that will facilitate mobile commerce and transactions in a rapid fashion. By plugging into Tagit’s Mobility Platform, payment switches and its network bank members can readily innovate and expand on mobile service offerings for their end customers.

Leveraging existing network and connectivity, banks can expedite time-to-market for mobile commerce services, improving customer’s overall banking experience. Once on the Tagit platform, end users will have access to multiple payment options and perform a variety of transactions such as utility payments, topping up telephone prepaid cards, online shopping and fund transfers in one single application, across mobile devices, using one payment network.

“Demand for mobile commerce is on the rise in Asia, Middle East and Africa where there are still areas that have unmet banking needs. Through our partnerships with payment aggregators and networks, we are finding solutions to expedite the delivery of mobile commerce and banking services to the consumers using one integrated platform,” said Naffi Singh, CEO & Co-founder of Tagit. “Our ongoing project in Kuwait heralds a new era in mobile banking and payment services, and is testament to continued market uptake for mobile commerce. Our pipeline of projects in Asia and Africa keep us optimistic with the growth of mobile commerce and banking sector in these regions, “added Singh.

Tagit has recently partnered with a leading bank in Singapore to launch the first-of-its kind cardless cash transaction service using the mobile phone. The mobile banking app has a feature called “Mobile Cash” which allows users to withdraw and transfer money to third parties through the ATM network even without an ATM card.