UOB unveils world's first contactless credit card payment

Clients can make transactions using only their smartphones.

United Overseas Bank is slowly getting rid of its plastic credit cards as the latest in its feats of contactless technologies is a mobile payment ability using smartphones for the convenience of its customers.

According to the bank, UOB cardmembers will be the first in the world to enjoy instant digital credit card issuance through their mobile gadgets.

“Consumers today want hassle-free modes of payment anywhere, anytime. We’ve all been in a situation where we are at a supermarket or restaurant offering promotions for a credit card we don’t hold and wish we had that card right then. With instant digital card issuance, UOB cardmembers can apply for and receive a digital credit card in minutes and use it immediately to enjoy its benefits,” said Dennis Khoo, head of UOB’s Personal Financial Services in Singapore.

Aside from contactless cards, UOB is also rolling out Southeast Asia’s first near field communication (NFC) contactless automated teller machine (ATM). The technology will enable the bank’s clients to withdraw cash by simply tapping their smartphones.

Customers with MasterCard credit and debit cards on Apple Pay will be the first to enjoy the service.

UOB targets at least 60 contactless ATMS to be in operation by January 2017. By end of 2018, all its current ATMs will be replaced with machines enabled with NFC contactless capacities.

The first wave of UOB Contactless ATMs will be rolled out to high-traffic locations, such as Raffles Place, and selected UOB branches.

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