OCBC Pay Anyone daily transfer limit increases to S$1,000

OCBC bank customers can now send up to S$1,000 a day via the OCBC Pay Anyone service, up from the original daily transfer limit of S$100, OCBC announced on Monday.

Aditya Gupta, OCBC Bank's head of E-Business Singapore, said that this will facilitate wider adoption of the payment service and open up more payment categories for customers.

According to OCBC, mobile funds transfers have increased significantly in recent years. OCBC Pay Anyone transactions have increased five-fold, with an average month-on-month growth of about 10 per cent since August 2014. The total number of customers who used the OCBC Pay Anyone service has increased 50 per cent since January 2016.

OCBC added that since 2014, mobile banking usage has doubled, while the number of mobile banking users has increased 50 per cent, indicating the "ease with which customers are transferring funds on their mobile devices". The average amount transferred through mobile banking is S$996.

OCBC Pay Anyone allows users to transfer money directly to any bank account in Singapore from their mobile phones - using just the recipient's mobile number, email address or Facebook account - without having to request for the recipient's bank account number or perform transaction signing using a security token.

OCBC noted that OCBC Pay Anyone is "still the first and only" account-to-account mobile micro-payment service offered by any bank in Singapore that does not require the recipient's bank account details to make a transfer.