SINGAPORE — DBS Paylah! users will have an additional method for cashless transactions via QR codes on their Paylah! mobile application, the bank 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.
To receive payments, 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 the 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! app to make payment to the merchant. As such, small businesses may still adopt cashless transactions without the need to set up payment terminals.
In addition, QR code payments through PayLah! on NETS terminals at over 2,000 merchants will be made available within the next two months, and the bank plans to increase the number of merchants to 10,000 by the end of the year.
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 offers FAST (Fast And Secure Transfers) services in Singapore and a valid smartphone with a Singapore registered 8-digit mobile number.
According to DBS, the PayLah! mobile wallet currently has half a million users.
