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OCBC, DBS Tout QR Code Payments In Push For Cashless Society

OCBC Bank has introduced the QR code payments feature as part of its OCBC Pay Anyone app, which allows its customers to use this cashless mode of payment at more than 1,000 merchants from 1 June 2017. Participating merchants include brand names such as Robinsons, Marks & Spencer, Caltex petrol stations and Gardens by the Bay.

OCBC Pay Anyone users can either scan the QR code off the merchant's NETS terminal or on the hardcopy receipt using the app, and authenticate the transaction with their fingerprint. Unlike other digital wallets, the payment amount is deducted off the customer’s bank account, without the need for an additional step of topping up.

From now till the end of the year, the convenience of making cashless payments with QR code is set to grow quickly in Singapore.

OCBC Bank is targeting to make QR code payments available at more than 50,000 NETS terminals across Singapore. For DBS Bank, it has already reached to about 3,000 merchants, and another 400 is due to come on board to accept its DBS PayLah! QR codes as a payment method. DBS Bank will partner ComfortDelGro to implement QR code payment in the latter's fleet of 16,300 taxis by 3Q 2017, and aims to have more than 60,000 QR code payment acceptance points available by end 2017

Read more on this Channel NewsAsia story here.