M1 launches cross-border mobile remittance

FinTech Innovation editors
FinTech Innovation

Singapore’s M1has launched new cross-border digital mobile remittance supporting transfers to multiple APAC destinations.

The service named M1 Remit is available to users of M1 mobile phone numbers holding valid NRIC/FIN/Work Passes in Singapore.

Users of the service can access real time exchange rates and remit funds to their designated recipients anytime, anywhere, through a mobile app or a browser on their smart device.

Unlike typical remittance services where customers have to queue at a physical outlet to deposit funds, payments for M1 Remit transactions can be made at any one of the 915 AXS machines located in shopping malls, office buildings and other sites islandwide using an ATM card.

Customers who do not have bank accounts or ATM cards can opt to make cash payment at M1’s IMM and Paragon outlets in Singapore, after completing a one-time verification process.

Recipients will be able to cash out as quickly as within an hour of the transaction from over 23,000 cash agents and 640 banks available at the various destinations.

M1 Remit currently offers eight remittance destinations – Bangladesh, India, Indonesia, Myanmar, Malaysia, Sri Lanka, Pakistan and the Philippines. Thailand, Vietnam, and other remittance destinations will be made available progressively. For a limited time, M1 Remit is also waiving the remittance fee to these destinations.

“M1 Remit offers a wholly digital experience for money remittance. Nobody likes to queue, and now our customers can skip the queue and make better use of their time with and M1 Remit - Singapore’s most convenient, secure and cost-effective way to remit funds to their loved ones,” M1 chief innovation officer Alex Tan said.

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