UOB’s new mobile app lets you keep your ATM card at home

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.

Comments