CORP TALK: That’s a lot of companies in one service but Citibank Singapore and Visa have announced the launch of the Citi M1 mobile Visa payWave payment pilot in Singapore — a first in Singapore where the mobile phone can also double up as a credit card.
While the idea isn’t new in other parts of the world, what’s unique here is that the Citi Visa pilot is supported by local telecom provider M1, where selected Citi M1 Platinum Visa cardholders can pay for purchases using a Nokia 6212 classic at more than 750 merchant locations across the country. Merchants include The Coffee Connoiseur (tcc), Ichiban Boshi, Popular book store, retail outlets and music shops like Gramophone.
The three-month pilot will involve up to 300 selected Citi M1 Platinum Visa cardholders starting from May, where each cardholder will be furnished with a Nokia 6212 classic. The phone itself is equipped with a Near Field Communication (NFC)-enabled chip. Purchasers simply need to pay for an item by waving the phone over a contactless reader at the point of sale counter.
The good thing about the pilot program is that it allows users to turn on one of three security payment options on their Nokia 6212 classics. They are Always (no confirmation or passcode required), By Confirmation (user acknowledgement required) and With Passcode (a 4-digit numeric passcode is needed before payment is approved).
For further information with regards to the Singapore government’s efforts to promote more NFC-related mobile services in the country, click here. (Editor opinions: 1)
Vijay (HardwareZone.com): While the trial limits users to the use of just the NFC-enabled Nokia 6212 Classic phone, the scheme will only be adopted when the majority of mobile phones are NFC-enabled. But that’s a thought for another day when the infrastructure and mobile makers are ready to roll them out in full force.
The concept of payments via the mobile phone is a logical step forward as consumers rely more and more of their mobile phones than ever before. Just think about how many times you would have forgotten your wallet when leaving home versus forgetting your mobile phone. (more…)