SingTel and StanChart Launch Mobile Money Service

SingTel and Stanchart has jumped on the mobile payment bandwagon and have created a new app.

The new app created by Singapore Telecommunications (SingTel) and Standard Chartered will allow customers to transfer funds, pay for purchases and services, and apply for loans, the companies say.

The new app, named Dash, revealed on June 3 2014 is a joint venture that allows users to store money on their phones and pay friends and merchants with the available funds. The smartphone users will be able to make payments at around 20,000 acceptance points in Singapore by the end of this year, including retail outlets, convenience stores and taxis. To ensure security, the phone user must enter a 6-digit PIN before making a transaction, which is capped at S$999 - the maximum capacity of the mobile wallet. The companies added that, Dash will also let users apply for loans of up to four times their monthly salary through their mobile phones, up to a maximum of S$200,000.

Those wishing to use Dash -which is also available to subscribers of M1 and StarHub - can download the mobile application from Apple's App Store or Google Play.