Mastercard, EZ-Link and fintech You Technologies launch multi-currency mobile wallet

‘YouTrip’ enables users to pay in over 150 currencies.

Contactless card issuer EZ-Link, Mastercard and Hong Kong-based fintech startup You Technologies Group have tied up to launch 'YouTrip,' a multi-currency mobile wallet that can handle transactions in over 150 currencies.

Also read: Mobile payment defies security concerns after gaining ground in Singapore

YouTrip is a mobile wallet that comes with a contactless Mastercard prepaid card issued by EZ-Link. You Technologies Group helped developed the technology enabling users to pay at more than 30 million Mastercard merchants across the world.

With YouTrip, users can do away with fees associated with currency exchange at banks, money changers and overseas bank card transactions as well as online currency conversion and transaction fees commonly incurred during cross-border payments.

"By collaborating with You Technologies Group and Mastercard, we aim to translate the transformative power of disruptive financial technologies into compelling savings, convenience and security for our customers,” Nicholas Lee, CEO, EZ-Link Pte Ltd. said in a statement.

The mobile wallet also enables users to monitor live foreign exchange rates and store up to 10 selected currencies (SGD, HKD, JPY, AUD, NZD, EUR, GBP, CHF, USD and SEK) in their wallet at preferred rates with no additional fees.

With YouTrip SmartExchange technology, users can also use the leftover currencies to pay in any of the 150 or more currencies during their next overseas trip or whenever they’re in Singapore as the app will automatically convert leftover currencies at wholesale exchange rates at no additional fees.

Users can sign up for a YouTrip account for free and without any minimum account balance or card fees. Topping up the YouTrip wallet in SGD with any debit or credit card is free and each account can store up to $3,000.

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