Credit: Standard Chartered Bank's Facebook page.
Standard Chartered Bank has partnered Singapore-based fintech startup, soCash, to provide customers with more than 400 additional cashpoints to retrieve cash in Singapore using the bank's mobile app.
Under the partnership, customers can easily obtain cash from merchants such as Buzz, U Star, and U Mart or in convenience stores and minimarts across the country.
To use the service, customers will have to select the amount of cash they need on the Standard Chartered Bank mobile app before retrieving the money from the available merchant closest to them.
The bank clarified that the service is of free-of-charge, meaning customers do not need to purchase goods in the convenience store to be able to retrieve cash.
Customers will just have to authenticate their transactions using the credentials in the mobile app. They will thus receive an SMS notification for every transaction.
"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," said Standard Chartered Bank.
Sign up for MIS Asia eNewsletters.