- Total transaction limit is presently S$999 per day and the wallet balance is capped at S$999
- Users can request for payments, make payments, donate money, top-up mobile prepaid SIM cards
DBS PayLah! is a mobile wallet app that allows users to transfer money to anyone, even non-DBS/POSB customers instantly with just the recipient’s mobile number. No other account details or multiple authentication and logins are needed.
“The DBS PayLah! app allows for the easy transfer of funds to another user’s mobile phone number, and the average transaction amount ranges from S$30 to S$50. Together with the launch of CAS, DBS PayLah! users can send money to friends who use other bank apps via CAS registered phone numbers,” said DBS Bank Consumer Banking Group regional head of e-payments Gene Wong.
The Central Addressing Scheme (CAS), backed by the Association of Banks in Singapore, is to be rolled out in the middle of this year.
The scheme will map mobile numbers to bank account numbers for funds to be credited. Users need to register for this with their banks. This saves senders the hassle of asking for and entering a recipient's account number - a bugbear of e-payments now.
The Central Addressing Scheme will be operated by locally based banking computer services, which operates the Fast online interbank funds transfer system.
The new function will be integrated into banks' existing apps, such as DBS PayLah!, UOB Mighty, OCBC Pay Anyone and Maybank Mobile Money.
Besides sending money, users can also request for payments from others, make payments to over 40 billing organisations, donate money to more than 25 charitable organisations and top-up mobile prepaid SIM cards.
Users can also shop and pay with PayLah! at selected online merchants, including Qoo10.sg, comGateway, AXS and MSIG.
The app has more than 450,000 registered users and is available on both Android and iOS operating systems.
The total transaction limit for DBS PayLah! is presently at S$999 per day and the wallet balance is also capped at S$999.
While all users can access their DBS PayLah! mobile wallet with a personal password, customers on selected Apple devices may also login with Apple’s Touch ID fingerprint sensor. The ability to login with Touch ID was introduced in DBS PayLah! in October 2014.
DBS PayLah! is open to non-DBS/POSB customers who can link and verify their bank accounts to create their mobile wallets. They can then send and receive money to and from other DBS PayLah! users using only the recipient’s mobile phone number.
Non-DBS/POSB customers can also withdraw their funds from their DBS PayLah! wallet to their linked bank accounts instantly.
“DBS PayLah! is also the first mobile wallet in Singapore to offer users the means to collect payments through online channels (ecommerce, social media or chat apps) with payment links or QR Codes.
Since September 2016 there have been more than 162,000 payment links or QR codes created,” said Wong.
Skip the queue, pre-order and pay for meals in Singapore with DBS FasTrack
POSB launches chat banking on FB Messenger
Singapore consumers digitally savvy; demand secure, affordable, high-quality experiences
For more technology news and the latest updates, follow us on Twitter, LinkedIn or Like us on Facebook.