UOB is the first bank to enable instant digital credit card issuance
UOB is throwing its lot behind contactless mobile payment technology. The bank today announced that UOB card members will now be able to enjoy instant digital credit card issuance through their smartphones, making it the first in the world to offer this.
Image Source: UOB
UOB is throwing its lot behind contactless mobile payment technology. The bank today announced that UOB card members will now be able to enjoy instant digital credit card issuance through their smartphones, making it the first in the world to offer this.
In effect, this means that existing UOB cardholders will be able to apply for, receive, and use popular UOB credit cards – these include the UOB One Card, UOB Delight Credit Card, UOB YOLO and UOB PRVI Miles World MasterCard – through the UOB Mighty app by the end of October.
And because the digital card issuance is instant, customers will be able to take advantage of promotions specific to a certain card right on the spot, or even obtain a new card if they misplace their old one. “With instant digital card issuance, UOB card members can apply for and receive a digital credit card in minutes and use it immediately to enjoy its benefits,” said Dennis Khoo, Head of Personal Financial Services Singapore at UOB.
In addition, it is rolling out Southeast Asia’s first NFC contactless ATMs, which will allow customers to withdraw cash with a tap of their smartphones. These NFC-equipped ATMs will be available sooner, and select customers will be able to use them by the end of the month, or more specifically, those with MasterCard credit and debit cards on Apple Pay.
Image Source: UOB
Don’t be expecting an island-wide rollout yet either, and the first wave of UOB contactless ATMs will be installed in high-traffic locations, such as Raffles Place and select UOB branches. The locations of these contactless ATMs can be found in the UOB Mighty app.
Android users will also have to wait till January 2017 to begin tapping their phones on these contactless ATMs, by which time UOB estimates there will be at least 60 such ATMs in operation. It has set a December 2018 target for replacing all current ATMs with ones equipped with NFC capabilities.
In order to facilitate greater adoption of contactless payments, UOB has lifted the S$100 limit for mobile contactless payments made at its point-of-sale terminals. It even has plans to add a further 6,000 terminals at various retailers by the year’s end, in addition to the 4,000 currently in operation.
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