Pay for your online purchases or collect payment from friends with just a mobile phone number, with Maybank's latest banking transaction service Maybank Mobile Money.

Maybank's online banking customers can now send money to anyone's mobile number, and the person who receives it can collect the money through any account held with a bank in Singapore.

At the launch on Monday (Nov 11), information technology and virtual banking head of Maybank Singapore, Mr Lim Kuo Siong said: "We recognise that mobile devices are an indispensable part of many Singaporean's lives and that increasingly, people are conducting transactions in a remote manner, resulting in the need for alternatives to traditional payment methods such as cash or cheque.

"Maybank Mobile Money fills a gap in the person-to-person (P2P) payments space with a platform that combines mobility, and personal data and transaction security."

The service is available on the Maybank SG mobile app, and Maybank customers can transfer $5 to $500 anytime. The person receiving the payment has up to seven days to collect the money through the app.

Maybank Mobile Money can be used in various situations such as returning a friend money immediately after you split the bill after lunch, or paying for an item purchased online, as you can do away with account numbers.