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DBS and OCBC account holders who do not have credit cards will still be able to make instant payments to around 80,000 merchants here next year by using Google Pay.
The tie-up, which involves integrating Google Pay with the funds transfer service PayNow, was announced at the Singapore FinTech Festival (SFF) on Monday (Nov 11).
PayNow is a digital funds transfer service provided by nine banks – including DBS and OCBC – that allows customers here to send and receive money from their bank accounts by using their mobile or NRIC numbers. It was introduced in 2017.
The new service will allow DBS and OCBC customers to transfer funds via Google Pay. The banks said the service will be tested in trials early next year with the aim of rolling it out in full later in the year.
It works by linking a user’s bank account to the Google Pay smartphone app so payments will be directly debited without needing a card.
Payment via Google Pay is usually made in two ways. In physical stores, customers hold their smartphone above a contactless reader that interacts with the Google Pay app.
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