Standard Chartered Bank announced an industry-first partnership with Singapore-based fintech startup, soCash.
The new arrangement will provide over 400 additional cash points for its customers through Standard Chartered's (SCB) mobile app (SC Mobile). In a few weeks, customers will be able to get cash from merchants as well as convenience stores and minimarts island-wide SCB said in a press release.
Over the last two years, SCB has been enhancing its digital payment capabilities with the offering of mobile wallets such as Apple Pay, Samsung Pay and Android Pay, as well as peer-to-peer digital funds transfer via PayNow.
First Asian Partner
While customers’ adoption of digital platforms has been strong and cashless payments have become increasingly mainstream, there are still significant pockets of merchants which currently only accept cash payments. Through this collaboration with soCash, customers have the option of utilising the Bank’s digital platform to retrieve cash at their convenience.
No retail purchase is required, and the service is provided free-of-charge to SCB customers. The transaction takes place in a secure environment within SC Mobile, and the authentication is done by customers using the SC Mobile credentials. Customers will also receive SMS notifications for this transaction.
