Brunei’s largest mobile telecommunications provider DST is working on a mobile wallet in collaboration with Baiduri Bank.
Set to be launched in the second quarter of next year, the e-wallet will use Near Field Communications (NFC) technology, allowing users to pay simply by ‘tapping’ their phones at card terminals. Customers can also scan QR codes to make digital payments.
The e-wallet will be available to all new and existing DST subscribers and accepted nationwide at over 2,000 Baiduri Bank merchant outlets.
The mobile wallet can also be linked to a regional payment platform, so that customers can also use it overseas.
The partnership will allow DST and Baiduri to share resources and create the largest digital payment ecosystem in Brunei with connectivity to regional and international payment platforms.
DST has the largest mobile subscription base in Brunei while Baiduri has the largest merchant base.
DST’s Acting CEO Radin Sufri Radin Basiuni said that both companies see this collaboration as a “tremendous”opportunity to drive cashless mobile payments in the sultanate.
“We hope this will become a game changer for both DST and Baiduri in enabling our generation for the Smart Nation,” he added.
Both companies signed the agreement at DST’s headquarters in Tungku Link yesterday to officiate the joint development of the e-wallet. Signing on behalf of DST was Radin Sufri and on behalf of Baiduri Bank was its CEO Ti Eng Hui.
The new mobile wallet will be an addition to existing e-wallets in Brunei such as BIBD’s NEXGEN wallet, Progresif Pay and BruPay.
It is also the second time an alliance between a local telco and a financial institution was forged to develop a digital payment solution.
Radin Sufri said that the e-wallet project is part of DST’s larger road map to evolve from a telecommunications company into a provider of integrated mobile services.