Singtel Rolls out First Virtual Visa Card in Singapore with Wirecard
The most popular digital wallet in Singapore has rolled out the first virtual Visa card in the country thanks to a partnership between global technology group and 2017 Pay Awards Change Agent of the Year Wirecard and Singtel.
Singtel Dash, a mobile payments platform that enables users to shop, pay transport fares and remit money, is currently Singapore’s most widely accepted “all-in-one” digital wallet, according to an announcement.
“Singtel can now process mobile virtual Visa payments with Wirecard as a bank identification number (BIN) sponsor,” says Grigoriy Kuznetsov, executive vice president, global financial services at Wirecard. “This further reinforces our position as a leading global prepaid issuer and BIN sponsor. It also demonstrates our state-of-the-art card processing capabilities.”
Since the launch of the Visa virtual account last month, Singtel Dash’s 500,000+ customers have been using their mobile phones to make payments in more than 50,000 PayWave-enabled merchants across Singapore and to shop at Singapore-based e-commerce stores.
Transaction volumes for Singtel Dash have more than doubled in the past year and Singtel plans to expand the reach of the mobile platform to schools or even hawker centers, the companies said.