Business

Stanchart customers can soon withdraw cash at more than 400 new locations using bank’s app

Stanchart customers can soon withdraw cash at more than 400 new locations using bank’s app
StanChart said on Tuesday (Sept 12) that its customers will be able to withdraw cash from their accounts at more than 400 additional locations including minimarts and convenience stores islandwide from next month. Photo: Reuters
Published: 6:15 PM, September 12, 2017

SINGAPORE — Standard Chartered Bank (StanChart) said on Tuesday (Sept 12) its customers will soon be able to withdraw cash from their accounts at more than 400 additional locations including minimarts and convenience stores islandwide, such as Buzz, U Star and U Mart, using the bank’s SC Mobile app.

Expected to be available next month, the new cashpoints follow Stanchart’s partnership with locally-based financial technology company soCash, allowing the bank’s customers to withdraw cash beyond its ATM network in Singapore.

The tie-up with Stanchart allows the bank’s customers to withdraw between S$20 and S$500 daily at the participating merchants at no additional cost using the SC Mobile app. No retail purchase is required.

soCash is integrated into SC Mobile, where customers can select the amount of cash they want and collect the cash from the available merchant of their choice closest to them, all within the bank’s mobile app, Stanchart said.

The transaction takes place in a secure environment within SC Mobile, and the authentication is done by customers using SC Mobile credentials, it added. Customers will also receive SMS notifications for the 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,” Stanchart said.

soCash is the first recipient of the Monetary Authority of Singapore’s Financial Sector Technology & Innovation Grant under the Proof of Concept scheme. soCash aims to improve cash distribution and liquidity management with the help of mobile devices, and seeks to convert shops and consumers worldwide into a virtual cash distribution network, starting in Asia.

“As banks go digital, it is essential that their cash distribution strategy gets unshackled from traditional channels such as branches and ATMs. soCash’s platform connects banking services to fulfilment points like convenience stores and grocery shops which are already integrated into communities,” soCash said.