M1 on Thursday (Apr 6) launched its digital mobile remittance service, which would service eight destinations, including Malaysia and the Philippines, for a start.
In a press release, the telco said its M1 Remit service will allow its customers to access real time exchange rates and remit funds to the intended recipients through its app or mobile browser.
For those with bank accounts and an automated teller machine (ATM) card, they can make payment for the remittance at any of the 915 AXS machines islandwide, while those without can make cash payments at M1's IMM and Paragon outlets. Customers who opt for the second option will need to complete a one-time verification process at any of the two outlets, as part of regulatory requirements, the telco said.
The company also said recipients can cash out as quickly as within an hour of the transaction from the more than 23,000 cash agents and 640 banks in the destination countries - Bangladesh, India, Indonesia, Myanmar, Malaysia, Sri Lanka, Pakistan and the Philippines.
Rival telco Singtel had in March unveiled its cash-out remittance service, but only to Indonesia. Its service allows Indonesians working here to remit money home without having to own a bank account, and to about 4,500 cash-out points across the country using the Singtel Dash app.
By comparison, M1 Remit will allow customers to send money to more than 7,000 cash-out agents in the Southeast Asian market, it said.
Other destinations such as Thailand and Vietnam will be made available progressively, M1 said, adding that it will be waiving the remittance fee of S$8 until the end of May.