Cash — and maybe even cards — may soon be a thing of the past.
Just today, Visa and Singapore Telecom (SingTel) have jointly announced that Visa is currently working to link Visa prepaid accounts to mCash, SingTel's mobile money solution.
SingTel customers in Singapore and Australia will thus be able to pay for goods and services by simply waving their NFC-enabled smartphones at any Visa payWave acceptance points from early 2014 onwards.
There are currently over 12,000 and 100,000 Visa payWave acceptance points in Singapore and across Australia respectively. These points can be found in restaurants, supermarkets, fast food joints, apparels stores, etc. In Singapore, these merchants include Din Tai Fung, Fairprice, Burger King, G2000 and Eng Wah Cinemas.
Gan Siok Hoon, SingTel's Vice President for mCommerce, said: "SingTel is excited to broaden the capabilities of mCash with Visa payments in our push towards a cashless society. With Visa's extensive network, cashless payments will be even easier and more convenient for our customers."
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