12 December 2011, Singapore – United Overseas Bank’s Mobile Application can be downloaded from iTunes Store from today. UOB finally launches a mobile app which is also different from what’s already out there from other banks. However, this is currently available for iPhones and iPads. UOB plans to launch Android, Blackberry and Mobile Web versions next year.
Mobile Cash – Transfer Money with Instant Withdrawal
Singapore’s first mobile banking application that enables cash withdrawals allows you to transfer money to registered recipients which includes non-UOB customers amongst many other services. With an instant text message and a one-time password, the recipient can withdraw the cash instantly at any of UOB’s 600 ATMs in Singapore.
Security – UOB Mobile Cash
Security has been the number one concern for internet or mobile banking users and UOB has implemented protection measures to address this:
- User needs to register the recipient details including relationship with the sender, recipient’s NRIC, Name and Mobile numbers
- Instant SMS-notification and next-day follow up letter will be sent to the sender upon registration to confirm recipient details
- An SMS instruction with a validity of 24-hours for the mobile cash transaction with the specific reference number will be sent to the recipient. User can cancel a transaction any time prior to expiry or cash withdrawal
- User will need to send a separate withdrawal password to the sender, in case the recipient loses their mobile device.
- When withdrawing from the UOB ATM, the recipient will be prompted for the One-Time-Password (OTP)
- If the password is entered wrongly by the recipient after a pre-determined number of times, the transaction is automatically voided
- A maximum cumulative transfer amount of S$500 per day per sender and a recipient can only receive one transaction a day
Some of the other features of the new Mobile Banking App include:
With the user experience in mind, the mobile banking application allows users to personalise your most used transactions so that everything is not more than 2 clicks away.
