TL;DR: We’ve obtained our own Issuer License with Mastercard® and we’re all set to become the direct Stored Value Facility Holder of YouTrip! You’ll be receiving an email to agree to the new Terms & Conditions and the change of issuer, over the next few days.
Thank you for making YouTrip a part of your travels in the past year. It’s only been 14 months into our journey, and we’ve hit yet another milestone!
We’re excited to share that we’re becoming the direct issuer of YouTrip cards, upon your consent and acceptance of the new Terms. As we prepare for a new regulatory framework in Singapore, this allows us to offer more features with better security for you.
What does this mean?
Currently, You Technologies Group (Singapore) Pte. Ltd. (that’s us!) is in partnership with EZ-Link Pte Ltd to provide YouTrip services to you.
With our new license, we’ll be taking over the role of Issuer and Holder from EZ-Link altogether to become your direct Mastercard issuer and Stored Value Facility Holder of YouTrip. This transition will only be done upon your consent. Meanwhile, our brand partnership with EZ-Link continues with more exciting collaborations in the future!
These changes will happen only in the background (our gnomes are working tirelessly!) and will not affect the usage of your YouTrip card.
What is a Stored Value Facility Holder?
In short, that’s the legal term for “e-wallet”. Being a stored value facility holder means we will be the sole organisation that holds your account and stored value, in accordance with the Payment Systems (Oversight) Act by the Monetary Authority of Singapore (MAS).
Why the change?
Obtaining our own Mastercard license and operating YouTrip in a more direct structure will allow us to ship faster and more features to you, while accommodating many new YouTroopers who are joining YouTrip everyday!
This will also help us to provide an even more robust and dedicated payment security setup for you, while preparing for the upcoming Payment Services Act in 2020.
Great! So what do I need to do?
Starting from 12 Octotober 2019, you’ll receive an email and/or app notification to agree to the new Terms & Conditions and the change of issuer. Don’t worry if you haven’t received it yet, we’re rolling it out in batches, over the next few days!
The last date to provide your consent will be 31 December 2019.
What’re the key changes in the new Terms?
- Changes to the issuer of course, with us (You Technologies Group) as the Mastercard issuer and the “e-Wallet” operator
- A clearer breakdown of the Fee schedule (Section 12) and the various usage transaction limits (Section 13)
- Simplified account closure and refund procedures which were not an available option previously (Section 11)
- Combining the old Terms & Conditions and Cardholder Terms for easier reading
What if I disagree?
We understand if this new relationship is not something you’d prefer. If you do not agree with the updated Terms, you may indicate your preference to close your account and leave us when you receive our new Terms email. There will be 2 options for getting a refund of the money in your YouTrip account to your bank account via PayNow or bank transfer with a S$10 admin fee applicable.
Thank you for your support!
We hope you find value in these changes as we work harder every day to improve your YouTrip experience. Thank you for your unwavering support and we look forward to a more direct and meaningful journey with you, our YouTroopers!
P.S. We know that you may have more questions, so let us help!
What if I don’t respond by 31 December 2019?
Your YouTrip account will be closed on 1 January 2020. Request for refunds on your remaining balance will incur an administration fee of S$15 (S$10 refund fee + S$5 one-off handling fee). Therefore you’re encouraged to indicate your response as soon as possible.
Will the usage of my YouTrip card be affected?
YouTrip, like all local Stored Value Facility Holders, does not require the licensing by the MAS to operate an e-wallet. Nevertheless, we are licensed by Mastercard as the Principal Issuer, and we operate under the prevailing payment regulations of MAS. We encourage you to read the new Terms carefully.
Where will my money be stored?
All your YouTrip funds will be held with the same fund protection measures in line with industry best practices like before. This means that your money will be stored in a separate designated bank account, separate from YouTrip’s own company bank accounts.
Is my money safe?
Yes, The safety of your money with us will continue to be our #1 priority as we become the Mastercard licensed issuer of YouTrip. Not only does this mean that all your card transactions are processed and protected by Mastercard rules and standards, being the Stored Value Facility Holder in Singapore also means we must operate under the prevailing payment regulations by the MAS.
Enjoy a worldwide fees-less travel experience!