DBS, OCBC update take-up rates of cashless payments initiatives

DBS Bank and OCBC Bank have issued press releases updating the take-up rates of cashless payments initiatives.

DBS said some 8,000 QR code transactions have been processed via its mobile wallet PayLah! since its April launch.

Its Snap (Smart Nation Ambassador Programme) initiative launched in May to encourage small merchants to go cashless through QR codes on PayLah! has reached out to 8,000 cash-based merchants, of which 900 have signed up.

As for Singapore's PayNow fund transfer system, which allows people from participating banks to transfer money to each other using just the recipient's mobile or NRIC number, DBS has 140,000 customers registered, or 40 per cent of the total number registered.

PayNow went live on July 10. OCBC said it has seen 100,000 people linking their mobile or NRIC numbers to their personal OCBC account to facilitate fund transfers.

The bank just introduced a new feature to its Pay Anyone app to let users generate QR codes to send or receive payments. The feature is available to OCBC customers who have registered for PayNow.