Singapore Telecommunications (Singtel) launched its own mobile payment alliance, VIA, as it tries to grow its clout in the highly competitive e-payment industry this week.
Singapore Telecommunications Limited (SGX: Z74) or Singtel, is one of the three main telcos under blue chip stock segment in Singapore.
The company recently published its annual report for the financial year ending 31 March 2018. Singtel’s VIA was launched in collaboration with its Thai-based associate, Advanced Info Service (AIS), and Thailand’s largest digital bank, Kasikornbank.
Singapore traveller use mobile wallet Singtel Dash app to make payments with any merchant in Thailand that carries the VIA branding. In turn, users of AIS GLOBAL Pay e- wallet owned 33% Rabbit Line Pay can purchase from any retailer in Singapore under the VIA network. There are five million Rabbit Line Pay users today, while Dash has about half a million unique users.
There are already numerous e-wallets in Singapore including Alipay and WeChat Pay where Singtel and its associates operate, including Alipay and WeChat Pay. But where the telco may stand out is the ability to offer a variety of services that are already available within its group.
The company is the strongest player of sgx index and this rapid growth come with bright future of its stock in Singapore share market, Investors should eye on this undervalued stock under telco segment of Singapore
Singtel is the largest telco in Singapore roping in its regional associates among intensifying competition for telcos in recent years as voice revenue falls. The telco is targeting the millions of travellers across the region to use its cross-border wallets and send cash among themselves.