First Multi-Currency Mobile Wallet For Singapore Travellersby Company Announcement August 7, 2018
EZ-Link, You Technologies Group and Mastercard launched YouTrip, the first multi-currency mobile wallet enabling users to pay in more than 150 currencies when overseas or shopping online without any currency conversion or transaction fees.
This tri-party collaboration marks EZ-Link’s first advancement into FinTech, pioneering the future of multi-currency payments in the region.
YouTrip is a multi-currency mobile wallet with a contactless Mastercard prepaid card issued by EZ-Link in collaboration with You Technologies Group for users to pay at more than 30 million Mastercard merchants worldwide.
With YouTrip, users do not need to incur fees typically charged for currency exchange at banks and money changers or overseas bank card transactions; as well as online currency conversion and transaction fees typically incurred for cross-border payments. The YouTrip card currently supports no-fee overseas transactions in over 150 currencies.
10 Wallet Currencies
Users can also use the YouTrip app to maximise savings by monitoring live foreign exchange rates on the go and instantly exchange and store up to 10 selected currencies in their wallets at their preferred rates, with no additional fees or mark-ups. The 10 wallet currencies are SGD, HKD, JPY, AUD, NZD, EUR, GBP, CHF, USD and SEK.
With the YouTrip SmartExchange technology, users can also use leftover currencies to transact in any of the 150 and more currencies during their next trip or in Singapore. The app will automatically convert leftover currencies at wholesale exchange rates at no additional fees for users to complete transactions when there is insufficient balance for the transacting foreign currencies.
The YouTrip app provides instant notification upon every transaction and allows instant card deactivation when the linked Mastercard is lost or misplaced, to give users peace of mind. 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.
Signing up for a YouTrip account is free and does not require any minimum account balance or card fees. Topping up the YouTrip wallet in SGD with any debit or credit card is also free and each account can store up to S$3,000.
“EZ-Link is excited to create a multi-currency wallet designed for travelling and online spenders from Singapore by drawing upon our deep understanding of their payment needs and desires. 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,”
said Mr. Nicholas Lee, CEO, EZ-Link Pte Ltd.
“You Technologies Group has chosen Singapore to be its first market to launch for its vibrant fintech ecosystem and Singaporeans readiness to adopt innovative solutions. Collaborating with EZ-Link was an obvious choice as we aim to create the most reliable and simplest way for people to manage their global spending,”
said Mr. Arthur Mak, CEO, You Technologies Group.
Starting today, YouTrip will accept registration for the first 1,000 users with an early bird bonus of S$20 to be credited upon first successful top up.
Featured image via https://www.ezlink.com.sg/