BankBazaar Singapore – January 15, 2018
SINGAPORE: DBS has partnered up with 7-Eleven stores, the most popular chain of convenience stores in Singapore, to include its complete suite of payment apps as a payment option.
According to a press release reported by Singapore Business Review, DBS payment apps like PayLah!, iWeath and DBS/POSB digibank e-payment services have now joined popular payment apps such as Android Pay and Apple Pay as payment options across 350 stores owned and managed by 7-Eleven in Singapore.
It needs to be noted here that all DBS e-payment solutions allow users to pay at POS outlets by scanning QR codes. DBS, in its press release, has informed that all DBS PayLah! users can make use of this convenient payment option while shopping at the stores managed by the Texas-headquartered global retailing giant.
This service can be used by DBS (includes POSB customers) and non-DBS customers alike. Anyone who is using the DBS e-payment solution app on their mobile phone, and has a valid FAST-enabled bank account and a registered Singapore mobile number will be benefited by this move. The partnership came into effect from 1 January 2018.
According to the Visa Consumer Payments Attitude Survey published in 2016, 87% of the respondents had said that they preferred to make payments through electronic means. It is safe to presume that various government initiatives to lead the country to a less cash-based, paperless and cleaner economy, has made people more inclined to digital payments vis-à-vis cash payments.
The survey had revealed that almost 68% of the citizens preferred to make payments with wearable and mobile devices over cash. While Singapore is still some distance away from becoming a fully cashless society, introduction of digital payment solutions and contactless cards with better security features are making people more prone to e-payments.
This move may turn out to be a smart one indeed, given that Singapore is a developed economy with a high percentage of digital-literate and tech-savvy citizens.
In 2013, DBS had increased its physical touchpoints across the island to more than 2,000 by partnering up with 7-Eleven. With that strategic move, DBS/POSB had made it possible for their customers to withdraw cash with purchases made at over 500 7-Eleven stores.
The new move (or rather countermove) aims to wean away the economy from cash dependency and help it transform faster.