DBS PayLah! takes on mobile wallet market

DBS has zipped in to tackle the mobile wallet space head-on, following a poorer-than-expected take-up of its existing virtual credit card service.

Its new mobile wallet - known as DBS PayLah! - was officially launched yesterday. With this mobile wallet, DBS customers can keep funds of up to $999 in the mobile application, and use that pool of money - drawn from a designated DBS savings or current account - as a source of funds to send money to other DBS customers. The daily transfer limit is also set at $999.

DBS expects this form of fund transfer to be more convenient than typical Internet banking transactions, since only the mobile phone numbers of payers and recipients are needed. Recipients are alerted by SMS, or an app notification.