Save on currency conversion fees and mark-ups with YouTrip for more than 150 currencies worldwide
SINGAPORE, 7 August 2018 – EZ-Link Pte Ltd, You Technologies Group and Mastercard® today 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.
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.
Ms Deborah Heng, Country Manager, Mastercard Singapore, said, “According to the latest Mastercard Consumer Purchasing Priorities Index, 7 in 10 consumers in Singapore keep track of their spending on a weekly or monthly basis. The new multi-currency mobile wallet and easy use of the mobile application will allow travellers to track their spending and better manage their budget when travelling overseas. 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.”
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. Users can download the app from App Store or Google Play to register for a YouTrip account within a few minutes, or find out more at www.you.co.
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About EZ-Link Pte Ltd
EZ-Link’s core business is in the sale, distribution and management of ez-link cards, as well as the clearing and settlement of all ez-link card transactions generated in transit and non- transit (retail/merchant) sectors. To date, more than 30 million new CEPAS-compliant ez-link cards have been issued. In 2015, EZ-Link unveiled EZ-Charms, its first non-card form factor. EZ-Link continues to set new cashless trends with the “My EZ-Link Mobile” application, the world’s first Near Field Communication (NFC) mobile application for contactless card top-ups; “EZ-Link NFC SIM”, the first NFC payment service on Singapore’s public transit; and “EZ- Pay”, Singapore’s first free card-less ERP payment service. In December 2017, EZ-Link launched the new EZ-Link app to enable users to access EZ-Link’s functionalities and services with ease. For more information, please visit www.ezlink.com.sg
About You Technologies Group Ltd
You Technologies Group is a leading financial technology group that operates and develops YouTrip, a mobile multi-currency wallet with contactless Mastercard, in the Asia Pacific region. The Group focuses on building a revolutionary mobile-only platform for consumer banking & finance, to help people across Asia manage their money in a simpler yet smarter way. In Singapore, the Group has signed up partnerships with EZ-Link and Mastercard to launch YouTrip in August 2018.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau