EZ-Link puts a foot forward into fintech, with the launch of a new card and mobile app on 7 August 2018, partnering with You Technologies Group and Mastercard.
YouTrip was created by the three companies, to be the world’s first multi-currency wallet, helping users pay in more than 150 currencies when shopping online or overseas.
With YouTrip, users do not incur fees typically charged for currency exchange at banks and money changers, as well as currency conversion and transaction fees typically incurred for cross-border payments.
Payments are made through a contactless prepaid Mastercard, issued by EZ-Link and You Technologies Group.
It can be used to transact at more than 30 million Mastercard merchants worldwide.
Payment Solutions For The Travelling Generation
Signing up for a YouTrip account is free and doesn’t require users to maintain any minimum card balance.
Users can top up their accounts with SGD using any debit or credit cards, and store up to $3,000 in each account.
“As users can check their balance and top up on the go, they will never have to worry about running out of cash when overseas,” YouTrip says.
The accompanying YouTrip app notifies users upon successful transactions, and allows instant deactivation if the linked Mastercard is lost or misplaced.
Even when travellers have leftover currencies after a trip, YouTrip will convert it at wholesale exchange rates, and allow users to use it to complete payments in Singapore.
Deborah Heng, Country Manager of Mastercard Singapore says, “As the appetite for travel continues to grow, having an on-the-go multi-currency payment option will better serve travellers’ needs, and make for a more rewarding travel experience.”
Aside from shopping overseas without extra fees, YouTrip’s app also lets users monitor live foreign exchange rates.
YouTrip says users can maximise their savings by storing up to 10 selected currencies and instantly exchanging them at their preferred rates, with no additional fees or mark-ups.
YouTrip also revealed that it is planning to expand this selection of currencies in the future.
From today, users can download YouTrip on the App Store or Google Play.
The first 1,000 users who sign up for a YouTrip card will be credited with a $20 early bird bonus upon their first top up.
Pay In Hawker Centres And Digitise Loose Change
Previously this year, LTA-owned EZ-Link had been furthering its capabilities as a contactless card for more than just transport.
In January 2018, it partnered with NETS to allow e-payments from all EZ-Link and concession cards on all NETS terminals in hawker centres.
This move was intended to help senior citizens and students, who usually do not own credit cards, transition into an environment that has been growing towards digital payments.
Upon launch, it was applied at more than 1,000 stalls across over 30 hawker centres, food courts, and canteens at tertiary institutions.
More recently, EZ-Link also partnered with Wirecard and Cheers to introduce a solution that digitises loose change.
The initiative was first mentioned in February by EZ-Link and NTUC, in hopes to “encourage cashless transactions and reduce the usage of coins countrywide”.
Since 2 August, customers paying in cash at Cheers stores have had the option to convert their change into EZ-Link card balance.
By simply informing the cashier, the change they should receive will be digitised and topped up into their EZ-Link card instead, doing away with the inconvenience of coins.
Although EZ-Link CEO Nicholas Lee once said the company was “already very late into the game” with modern payment methods, its current foray into multi-currency contactless payments takes it a big leap forward.
To find out more about YouTrip, click here.
Featured Image Credit: YouTrip