National digital payment service on LifeSG app sees 900,000 transactions worth S$41m since November
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CLOSE to 900,000 transactions have been made through GovWallet on the LifeSG mobile application (app) since the launch of the digital payment service on the app in November 2021, as Singapore aspires to go cheque-free by 2025.
Jointly developed by OCBC and GovTech, the digital payment service was launched to make government payments in Singapore simpler, convenient and more sustainable, said OCBC in a press statement on Monday (Aug 15).
Since its launch, the platform has also welcomed 3 government agencies onboard; Ministry of Defence, Ministry of Home Affairs and CPF Board have used the service to administer their payment schemes paper-free.
OCBC said that prior to the adoption of this payment service, the 3 agencies had issued close to 600,000 cheques and paper vouchers in 2021.
The payment service, which is available to all recipients of government payments, will also be used for the disbursement of GST (goods and services tax) vouchers in August.
Merchants that already accept payment via PayNow and Nets need not perform additional sign-ups as the digital service already utilises the 2 payment methods.
Both GovTech and OCBC expect more government agencies to adopt this digital payment service in the coming months, with the number of transactions projected to cross 1 million in the first year.
“Doing away with close to 600,000 cheques and paper vouchers in a year that could otherwise be issued by our partner agencies also helps with our sustainability efforts at the national level, including Singapore’s ambition to go cheque-free by 2025,” said Melvyn Low, OCBC’s head of global transaction banking.
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