YouTrip, a multi-currency mobile wallet launched yesterday, allows users to pay in more than 150 currencies when overseas or shopping online without incurring any currency conversion or transaction fees.
The collaboration involving EZ-Link, You Technologies Group and Mastercard is said to mark EZ-Link's first step into fintech.
YouTrip comes with a contactless Mastercard prepaid card issued by EZ-Link in collaboration with You Technologies Group, which enables users to pay at over 30 million Mastercard merchants worldwide.
You Technologies Group is a Hong Kong-based fintech start-up that develops mobile payment solutions.
With YouTrip, users will not incur fees typically charged for currency exchange at banks or money changers, as well as online currency conversion and transaction fees typically incurred for cross-border payments.
Currently, YouTrip supports no-fee overseas transactions in more than 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 the Singapore dollar, Hong Kong dollar, Japanese yen, Australian dollar, New Zealand dollar, euro, pound sterling, Swiss franc, US dollar and Swedish krona.
With YouTrip's 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 will provide instant notification on every transaction and allow instant card deactivation when the linked Mastercard is lost or misplaced.
"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," the three companies said in a joint statement.
Users can sign up for a YouTrip account at no charge and without any minimum account balance or card fees. Topping up the YouTrip wallet in Singdollar with any debit or credit card is free and each account can store up to $3,000.
The first 1,000 users who sign up will receive an early bird bonus of $20, to be credited on their first successful top-up.
