DBS and OCBC to introduce QR based payments at offline stores

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DBS and OCBC banks based out of Singapore have announced plans towards introduction of QR code based mobile payments at offline stores in association with payment service provider Nets. As part of the plan, 2,000 Nets terminals will be installed in coming months which is expected to increase to 10,000 by end of 2017. In the meantime, it has been announced that customers using DBS PayLah! App will be able to generate own QR code which can be displayed at any merchant joint or can be sent to others through social media platforms for online payments. Additionally, OCBC Pay Anyone customers will be able to make payments of up to USD 1,000 at merchant locations by scanning code from May 2017. These transactions will not require card or PIN for validation. In order to promote this QR code based system, DBS organized QR code bazaar in the beginning of May 2017. Around 200 vendors participated in the event organized at non-profit organization, Scape. Each stall was equipped with DBS PayLah!’s QR code payment function.

Number of mobile payment users is expected to reach 1.8 million by then. The country has one of the world’s highest smartphone penetration rate and majority customers have expressed positive interest towards utilization of mobile payments. However, 80% payments at small shops are made in cash. In case of hawker centres and wet markets, it rises to 90%.

To know more and gain deeper understanding of how mobile payment industry is shaping up globally, click here.