Three hundred Citibank Visa cardholders which are also M1s subscribers will take part in the trial. Participants in the trial have been given NFC-based mobile phones, which are embedded with a computer chip that contains their credit card details.
Trial participants can pay for purchases of up to SGD 100 (EUR 50) at over 400 merchants, including cafe chain The Coffee Connoisseur, music store Gramophone and Popular Bookstore outlets across Singapore by tapping their phones against a wireless payment terminal.
In February, Singapore’s government announced plans to create an agency to regulate mobile payments services. The authority is due to ensure the security of all sensitive financial information being transmitted wirelessly. It will also make sure mobile payments systems are compatible with similar systems which will be rolled out in future.
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