UOB Mobile records 1 million transactions per month
(04 April 2013 – Singapore) United Overseas Bank (UOB) has recorded 1 million mobile-based transactions each month, with over 70 percent of its customers using the App.
Wendy Teo, Head of Group Channels, UOB, said changing consumer behaviour and the convenience of having a branch in the hand through mobile applications such as UOB Mobile are redefining mainstream banking.
"There is little doubt that Singaporeans’ reliance on their mobile phones has helped to change the way people bank. What was previously an early adopter novelty has moved into the mainstream of banking," Teo said.
UOB Mobile, which is available for both Android and Apple smartphones, was launched in December 2011 and has been used by more than 70 percent of active UOB Personal Internet Banking customers.
Monthly transactions using UOB Mobile reached a high of 1.1 million in December 2012, an increase of 33 percent since its launch in December 2011.
UOB Mobile customers are using the app most often to check their account, transfer funds and to make bill payments.
The Mobile Cash feature, an industry first, provides customers with the ability to make cash withdrawals and transfer funds to others with just an instant text message and a one-time password at more than 600 UOB ATMs in Singapore.
"The reception by customers who have used our app, especially its Mobile Cash feature, has been very encouraging. One customer used mobile cash to send money to her domestic helper to buy groceries, while another customer who had forgotten his wallet was able to send money to himself," Teo said.
UOB recently extended the features on the UOB Mobile application to include movie ticketing and Mobile Cash top up for Nets FlashPay and CashCards. The Bank plans to add more payments and lifestyle features throughout the year.
"There is little doubt that Singaporeans’ reliance on their mobile phones has helped to change the way people bank. What was previously an early adopter novelty has moved into the mainstream of banking," Teo said.
UOB Mobile, which is available for both Android and Apple smartphones, was launched in December 2011 and has been used by more than 70 percent of active UOB Personal Internet Banking customers.
Monthly transactions using UOB Mobile reached a high of 1.1 million in December 2012, an increase of 33 percent since its launch in December 2011.
UOB Mobile customers are using the app most often to check their account, transfer funds and to make bill payments.
The Mobile Cash feature, an industry first, provides customers with the ability to make cash withdrawals and transfer funds to others with just an instant text message and a one-time password at more than 600 UOB ATMs in Singapore.
"The reception by customers who have used our app, especially its Mobile Cash feature, has been very encouraging. One customer used mobile cash to send money to her domestic helper to buy groceries, while another customer who had forgotten his wallet was able to send money to himself," Teo said.
UOB recently extended the features on the UOB Mobile application to include movie ticketing and Mobile Cash top up for Nets FlashPay and CashCards. The Bank plans to add more payments and lifestyle features throughout the year.
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