OCBC Bank has launched its first standalone mobile payments app which makes QR code cashless payments available at close to 2,500 NETS terminals. With the new standalone OCBC Pay Anyone app, customers can simply scan QR codes at participating merchants’ NETS terminals to pay for their purchases directly from their OCBC Bank account. Authentication of the transactions will be done through fingerprint recognition, completing their payments securely.
The bank calls this initiative a “war on cash”. Pranav Seth, OCBC Bank’s Head of E-Business, Business Transformation and Fintech and Innovation Group expects the take-up rate of QR code cashless payments to be strong given the increasing acceptance rate of cashless payments in general over the years. To encourage its customers to enjoy this convenient cashless mode of payment, the bank will give a $10 rebate to its OCBC Pay Anyone users for their first-time QR code payments.
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