OCBC, DBS tout QR code payments in push for cashless society

OCBC, DBS tout QR code payments in push for cashless society

QR code collage for OCBC and DBS
Both OCBC Bank and DBS Bank are pushing QR code payments. (Photos: OCBC and DBS)

SINGAPORE: OCBC Bank on Tuesday (May 30) announced it has included QR code payments as part of its OCBC Pay Anyone app, which allows consumers to use this cashless mode of payment at more than 1,000 merchants from Jun 1. 

The participating merchants range from Robinsons and Marks & Spencer to Caltex petrol stations and Gardens by the Bay, the local bank said in its press release. By the end of the year, it hopes to make QR code payments available at more than 50,000 NETS terminals across Singapore, it added. 

Consumers can either scan the QR code off the merchant's NETS terminal or the hardcopy receipt using the app, and authenticate the transaction with their fingerprint, after which the amount is deducted off the person's bank account, OCBC said, adding this is unlike mobile wallets which require an additional step of topping up.

Meanwhile, DBS Bank on Tuesday said in a separate press release that it launched its Smart Nation Ambassador Programme (SNAP) on May 5, which saw its ambassadors approaching small, cash-based merchants such as hawker stalls and wet market vendors to adopt its DBS PayLah! QR codes as a payment method. 

Since then, DBS has reached to about 3,000 such merchants, and convinced about 400 to come on board, with "more in the process of enablement". These include small merchants in estates such as Toa Payoh, Ang Mo Kio, Clementi and Bedok, and 3,000 QR code transactions have been processed, it added. 

The local bank also said it will partner ComfortDelGro to implement QR code payment in the latter's fleet of 16,300 taxis by the third quarter of this year. DBS aims to have more than 60,000 QR code payment acceptance points available to customers by end 2017, it said.

These developments come on the heels of comments on cashless payments by Dr Vivian Balakrishnan, Minister-in-Charge of the Smart Nation Programme Office in March this year. He said in Parliament then that there are many modes of payment today, including cashless ones, but there is a need to streamline this.  

He added that Singapore is too slow in the area of digital cash transfers, and he said the Central Addressing System for FAST transactions will give a boost in adoption. 

Source: CNA/kk