Its differentiating factors from local banks’s iPhone app such as OCBC or DBS/POSB is the access to financial information (deposit/exchange rates, unit trust prices, gold/silver prices) and calculators for personal loans/home equity/financial services.
There is also an augmented reality view that allows you to see latest card promotions/privileges and nearest UOB branches/ATMs. I don’t particularly find that feature useful though.
My favourite feature of this app is the mobile cash feature. What it simply does it allows you to use your mobile phone to withdraw cash from ATM without the need of an ATM card. When I first heard about it, I was like WTF.
A neater feature built on top of it, is that it even allows you to send money to your friend and even if he is not a UOB customer, he still can withdraw the money from any UOB ATMs.
Mobile CashStep 1
So how does it work? Upon launching the UOB Mobile Banking app, go to Mobile Cash and select the recipient you want to send the cash to. By default, your name should already be in the list (for you to send money to yourself). Since you are not transferring the money to any bank account, no account number is needed, just the recipient name and his mobile number.
Add Recipient In iBanking
The only down side is that you can’t add the recipient using the app itself. So you have to login to the normal Internet Banking via your computer browser to add them or call the UOB Call Centre to get them to add that for you if you are outside.
Select Recipient / Withdrawal Password
On top of selecting the recipient name and specifying the amount to send, you would also need to specify a 6 digit pin that you would need to tell your recipient.
Step 2Success / SMS
Once that is done, your recipient will receive a text message and it will contain the transaction code. Using this transaction code and the 6 digit pin that you provided, he can then proceed on to any UOB ATM.
One final verification is the OTP that will be send to your recipient mobile number after he keyed in the 6 digit pin and the transaction code at the ATM. So once he keyed in the OTP, the money you sent to him will be dispensed by the ATM.
Of course there are some security checks in place for such a useful feature and here they are:
The sender must register a list of recipients, their relationship with the sender, and the recipients’ personal information (NRIC and mobile numbers, name) before any transfer can take place
An instant SMS-notification and next-day follow up letter will be sent to the sender upon registration, confirming recipient details
An SMS of the mobile cash transaction with the specific reference number is sent to the recipient. This SMS instruction is valid for 24-hours and the sender can cancel a transaction at any time prior to expiry or cash withdrawal by the recipient
A separate withdrawal password which the sender should communicate to the recipient. This is to guard against the loss of the recipient’s mobile device
The recipient is prompted for the One-Time Password (OTP) upon withdrawal at the UOB ATM
The transaction is automatically voided should the ATM detect a pre-determined number of invalid password attempts
A maximum cumulative transfer amount of S$500 per day per sender
A recipient can receive only one transaction a day
I find it pretty neat! I hope all the banks will adopt this!
An Android app is on the way followed by Blackberry and mobile web version next year. A native iPad App is also in the works.
UOB launches First Mobile Banking app with Cardless Cash Withdrawals New mobile app sets the standard for mobile banking
SINGAPORE, 8 December 2011 – United Overseas Bank Limited (UOB) today launched Singapore’s first mobile banking application that enables cardless cash withdrawals. This Mobile Cash service is part of UOB’s Mobile application, which can be downloaded for free from the iTunes Store from 12 December 2011.
UOB Mobile allows customers to transfer money to a list of registered recipients, including non-UOB customers. This is done via an instant text message and a one-time password. The recipient can then use this password and a withdrawal password to withdraw cash instantly at more than 600 UOB ATMs in Singapore. UOB is the first bank in Singapore to link its mobile application to instant physical cash access. Its Mobile Cash feature is the fastest way to send cash to family and friends when they need it urgently.
Speaking at the launch of UOB Mobile, Ms Wendy Teo, UOB’s Head of Group Channels, said: “Our mobile application is not just about having internet banking transactions on the mobile screen. UOB’s Mobile Cash gives our customers something new; something they need and something that will help make a difference in their lives. We are essentially putting a ‘branch in the hand’ of our customers.
We studied how people use their mobile phone and linked that to our knowledge of their everyday banking needs. From there, we developed Singapore’s first Mobile Cash application for our customers to transfer money securely and easily. We then broadened the scope to look at what other features would matter to them.”
In addition to its innovative Mobile Cash feature, UOB’s mobile application also offers:
Augmented reality – a ‘point and view’ feature of the latest card promotions and privileges, and nearest UOB branches and ATMs. When you tap on the promotion or UOB location, you are given the address and directions to get there. More than 1,000 merchant offers can be found through the application. Access to financial transactions on the go including fund transfers, account balances and bill payment options for more than 100 service providers.
Real-time access to financial information including deposit rates, exchange rates, unit trust prices and gold and silver prices
Calculators to help work out details about personal loans, home equity financing and financial goals.
Today, two out of every three UOB customers are registered internet banking users. We expect that many of these customers will use UOB Mobile for their everyday banking needs. The UOB Mobile application is available for iPhones and iPads, with plans to launch Android, Blackberry and Mobile Web versions in 2012.
UOB Mobile Cash Security
UOB has several key protection measures to help ensure customer security, including:
The sender must register a list of recipients, their relationship with the sender, and the recipients’ personal information (NRIC and mobile numbers, name) before any transfer can take place
An instant SMS-notification and next-day follow up letter will be sent to the sender upon registration, confirming recipient details
An SMS of the mobile cash transaction with the specific reference number is sent to the recipient. This SMS instruction is valid for 24-hours and the sender can cancel a transaction at any time prior to expiry or cash withdrawal by the recipient
A separate withdrawal password which the sender should communicate to the recipient. This is to guard against the loss of the recipient’s mobile device
The recipient is prompted for the One-Time Password (OTP) upon withdrawal at the UOB ATM
The transaction is automatically voided should the ATM detect a pre-determined number of invalid password attempts
A maximum cumulative transfer amount of S$500 per day per sender
A recipient can receive only one transaction a day
