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NETS' YW8 Delivers m-Payment To Singapore’s Mobile Users
All of Singapore’s 3.24 million mobile phone users can now experience the freedom and convenience of making mobile payments with the commercial rollout of YW8 in partnership with Singapore’s three mobile telecommunications companies, M1, SingTel, and StarHub. The official launch of YW8 enables all mobile phone users to easily make payment to participating merchants from any mobile phone that supports SMS or WAP. The commercial launch comes after a successful trial of the service with more than 10,000 users in 2002.
Under this partnership agreement, NETS will operate the payment system and market the service to merchants while M1, SingTel and StarHub will offer the service to Singapore’s mobile phone users. "YW8 is yet another example of the three telcos in Singapore co-operating for the common benefit of all our customers. While similar projects elsewhere have encountered difficulties in nation-wide implementation, this convenient and useful mobile payment solution is now a reality in Singapore because the three telcos have chosen to work with rather than against each other, and supported by the other consortium partners," said Neil Montefiore, CEO of M1.
NETS Director for Business Development, Jocelyn Ang said, "It has always been our vision to enable people to make payments any time, any place, and from any device, and we’re pleased to work with M1, SingTel and StarHub to bring that vision closer to reality. YW8 enables consumers and merchants in Singapore to transact with each other regardless of distance. This is one more way that NETS is empowering people to choose the payment method that best suits their lifestyle and needs."
Said Hui Weng Cheong, SingTel’s VP (Consumer Products), "SingTel is always keen to work with partners to offer value-added services to our customers. We see growth potential in mobile commerce and will help to promote its use. As the market leader, with 1.56 million mobile customers, we offer a critical mass that will help mobile payment take off in Singapore."
"StarHub is pleased to see the successful completion of the YW8 m-Commerce trial coming to commercial reality. With this service, the mobile handset has extended beyond just a mere communications and information tool to our customers - it is now a mobile wallet. Our customers can also manage their time more effectively as they do not need to queue to book movie tickets or pay library fines anymore," said Chan Kin Hung, Senior VP, StarHub Mobile. "m-Commerce has always been a part of our overall strategy in enhancing the value of our customers' mobile lifestyle. We are confident that m-Payment will be a major catalyst for m-Commerce in the future. StarHub will continue to bring more value-added services to suit our customers' needs and look forward to the success of the commercial launch of the YW8 service."
To make a YW8 payment, consumers either send an SMS with simple payment instructions, or use W@P to select their product or service and authorise payment. Confirmation messages are sent to the consumer via SMS. To date, more than 12,000 users have registered for YW8, with the option of registering for a eNETS VCard and/or Visa Credit Card. 80% of the users chose to register via Internet while the remaining 20% users had selected to register via SMS.
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