Singapore-based telecom operator M1 has launched a new mobile money transfer service – M1 Remit.
The new service will enable M1 mobile customers to access real time exchange rates and remit funds to their designated recipients through a mobile app or a browser on their smart device.
Unlike typical remittance services where customers have to queue at a physical outlet, transaction can be made at any of the 915 AXS machines in the country using an ATM card.
The mobile operator said that customers without bank accounts/ATM cards can also make cash payment at M1’s IMM and Paragon outlets, which can be collected by recipients from over 23,000 cash agents and 640 banks in the destination countries.
The remittance service is currently available in eight countries – Bangladesh, India, Indonesia, Myanmar, Malaysia, Sri Lanka, Pakistan and the Philippines. Soon the service will be introduced in Thailand and Vietnam.
M1 chief innovation officer Alex Tan said: “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.”