DBS expands non-ATM cash withdrawal points to supermarkets

SINGAPORE'S largest bank, DBS Bank, said on Thursday it has expanded its network of cash withdrawal points to supermarkets, at a time when customer adoption of non-ATM withdrawals has risen.

Customers can now withdraw up to S$200 at all Cold Storage, Market Place, Jasons and Giant stores in Singapore, without a fee. The bank now has about 800 such locations, each known as a POSB Cash-Point.

POSB Cash-Point is currently available at Guardian Health & Beauty, Sheng Siong and 7-Eleven stores, where customers can withdraw up to S$100. Separately, customers have also been able to withdraw much larger amounts - up to S$5,000 - at SingPost outlets.

Customer adoption of POSB Cash-Point has since seen rapid growth. The average number of POSB Cash-Point transactions every month has more than doubled since 2014. The average customer withdraws S$50 per transaction. The average monthly amount of cash withdrawn via POSB Cash-Points has also grown by 56 per cent since last year.

"As we ramp up our digital banking capabilities, we also recognise that our customers value having a ready withdrawal touchpoint nearby when they need cash. With the aim of making banking as convenient as possible, we have chosen to partner with places frequently visited by our customers so the act of withdrawing cash is integrated with part of their daily journey," said Jeremy Soo, head of consumer banking group Singapore, DBS Bank.