DBS reaping success of cashless drive

Singapore

THE cashless drive by DBS is bearing fruit. Singapore's largest bank and biggest card issuer has seen a sustained decline in ATM cash transactions over the past one year and is now also expecting a five-time boost for its mobile wallet volume over two years.

Even as its customer base continues to grow, the average monthly transactions on cash dispensing machines have fallen by 400,000, said DBS - an unprecedented data trend. Over the same period, non-cash transactions has jumped by 800,000 in monthly average transactions.