UOB’s new mobile app lets you keep your ATM card at home
December 22, 2011 by Julian Abraham CHUA
A new app by United Overseas Bank (UOB) called UOB Mobile aims to save customers a worry or two — by allowing them to withdraw or transfer cash from the ATM without their bankcard.
UOB is believed to be the first Singapore bank to do this. The app comes at a time where two out of three UOB customers are registered Internet banking users, an indication that Singaporeans are warming up to online banking.
The app also has a feature called Mobile Cash, which enables customers transfer money to a list of registered recipients, including non-UOB customers. Done via an instant text messaging and a one-time password, recipients can withdraw cash instantly at more than 600 UOB ATMs across Singapore.
Ms Wendy Teo, UOB’s Head of Group Channels, spoke during the launch of the application: “UOB’s Mobile Cash gives our customers something new; something they need and something that will help make a difference in their lives. We are essentially putting a ‘branch in the hand’ of our customers.”
Other features of the app include:
- View latest card promotions and privileges as well as the nearest UOB branches and ATMs through augmented reality.
- Conduct fund transfers, check account balances and pay bills for more than 100 service providers.
- Real-time access to financial information including: deposit rates, exchange rates, unit trust prices and gold & silver prices.
- Calculate personal loans, home equity financing and financial goals.
Several security features are in place too:
- Registration of recipients, their relationship with the sender, and the recipients’ personal information (NRIC and mobile numbers, name) before any transfer can take place.
- An instant SMS-notification and next-day follow up letter will be sent to the sender upon registration, confirming recipients’ details.
- An SMS of the mobile cash transaction with the specific reference number is sent to the recipient. This SMS instruction is valid for 24 hours and the sender can cancel a transaction at any time prior to expiry or cash withdrawal by the recipient.
- A separate withdrawal password which the sender should communicate to the recipient to guard against the loss of the recipient’s mobile device.
- The recipient is prompted for the One-Time Password (OTP) upon withdrawal at the UOB ATM.
- The transaction is automatically voided should the ATM detect a pre-determined number of invalid password attempts.
- A maximum cumulative transfer amount of S$500 per day per sender.
- A recipient can receive only one transaction a day.
The app is free for download from Apple’s App Store and will launch on the Android, Blackberry and mobile web in 2012.
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About The Author
Julian Abraham CHUA -
Julian Abraham Chua is an NYP graduate from School of Business Management (SBM). His passion for writing was ignited when he completed an overseas UK writing course and started contributing to the portal while he was still a student on the campus. He has since written for various magazines and publications including Straits Times, SG Entrepreneurs, Spin Asia, TimeOut Singapore, NTUC lifestyle, Campus magazine and SPCA newsletter. Besides writing, he cooks, plays soccer, cycles and plays keyboard in a metal band.Read other posts by Julian Abraham CHUA