Singapore’s NFC mobile payment services to be launched in coming weeks!

nfc near field communication mobile payment bank

Since early 2007, NFC trials have been carried out in Singapore by Singapore Telecommunications (SingTel) and Starhub and in 2009 by M1. A consortium comprising of Citibank, DBS, EZ-Link, SingTel, M1 and StarHub was formed in Oct 2011 after Infocomm Development Authority of Singapore (IDA) issued a call-for-collaboration to develop an interoperable NFC infrastructure and payment services.

These trials are finally coming into fruition as it has just been announced that the nation's infrastructure for mobile payments using NFC is ready for launch and will be rolled out in three payment modes – credit, prepaid and stored value, in the coming weeks and will be able to be used at 30,000 retail points. At the press briefing, CEO of IDA mentioned that the first rollout will concentrate on retail payments and that IDA & the consortium are currently in talks with Land Transport Authority (LTA) to assess the readiness of mobile payment for public transport by early 2013. (For more info, you can refer to this article by ZDNet)

The future of NFC mobile payments in Singapore definitely looks very promising! If you'll like to find out more, join us at Cards & Payments Asia 2013 and Near Field Communication World Asia 2013 from 24 – 25 April in Singapore. Visit our website to find out more!

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