DBS, OCBC introduce QR code payments

SINGAPORE — Consumers in Singapore will have an additional method for cashless transactions via QR codes, DBS and OCBC announced on Thursday (April 13).

Citing low barriers to entry, DBS said in a press release that the use of QR codes will allow small businesses and even hawker stalls to adopt cashless payments without the need to lease payment terminals or pay for wiring.

Merchants or individuals can use DBS PayLah! to generate their own QR code, which they can display at their premises or send to others via social or online channels. To pay, customers can use DBS' PayLah! app to scan the QR code and proceed to make a payment. For instance, a customer who purchases an item for $10 can scan the merchant's QR code with the PayLah! to make payment to the merchant. 

QR code transactions will be made available to all PayLah! users, including non-DBS/POSB customers, as long as they have a registered bank account that offers FAST (Fast And Secure Transfers) services in Singapore and a valid smartphone with a Singapore registered 8-digit mobile number.

Meanwhile, OCBC's Pay Anyone QR code payment service will be available at selected merchants with NETS terminals from May, and users can make payments of up to S$1,000 per day.  

QR code payments through DBS's PayLah! app will also be made available on NETS terminals at over 2,000 merchants within the next two months, and the bank plans to increase the number of merchants to 10,000 by the end of the year.