OCBC Bank enables account-to-account QR code funds transfers on PayNow
By Digital News Asia July 20, 2017
- The transfers are made directly from the payer’s account to the payee’s account
- No additional steps are required to top up the wallet using a bank account
BY MARRYING QR codes with PayNow’s infrastructure, OCBC Bank has delivered a new level of convenience to funds transfers.
PayNow did away with the need to know bank account numbers and “adding payees” when making funds transfers.
The OCBC Pay Anyone app enables customers to send and ask for money using QR codes, so that there is no need to share mobile phone or NRIC numbers.
The transfers are made directly from the payer’s account to the payee’s account: Unlike with some mobile wallets, no additional steps are required to top up the wallet using a bank account, or transfer funds from a wallet to a bank account.
PayNow-registered customers, through the OCBC Pay Anyone mobile app, can now create and send personalised QR codes to other OCBC Pay Anyone users via social networking apps or email when requesting payment.
Alternatively, the payer can instantly scan a QR code displayed on the payee’s phone to complete payment. The daily transfer limit for payers is S$1,000.
QR code payments via the OCBC Pay Anyone app are seamless and frictionless as authentication is very quick, using just the payee’s and payer’s fingerprints. There is no need to exchange mobile or NRIC numbers which is a boon for peer-to-peer e-commerce, where sellers and buyers may not want to exchange personal information but would just meet up to make payment and hand over the goods.
Payees can now simply create a QR code, which would specify the amount to be paid, and send it via the e-commerce platform or social media for the payer to scan and pay. Alternatively, a payee can meet the payer and have the latter scan the QR code directly on a mobile device to make immediate payment.
With this latest QR code innovation, OCBC Bank is further accelerating the adoption of PayNow.
Since PayNow was launched on 10 July, close to 100,000 people have linked their mobile or NRIC numbers to their personal OCBC Bank account to facilitate instant account-to-account transfers via FAST.
These 100,000 PayNow subscribers will now have the additional option of making peer-to-peer payments via QR code using the OCBC Pay Anyone app.
Peer-to-peer QR code payment is the latest in a series of OCBC Pay Anyone enhancements rolled out in the past months. Launched in 2014, OCBC Pay Anyone was the first mobile payment service offered in Singapore that let customers send money directly to any bank account in Singapore using just the recipient’s mobile number, email address or Facebook account – without having to perform transaction signing using a security token or to add the recipient as a “payee”.
OCBC Bank launched a new standalone OCBC Pay Anyone app in May this year, which has brought together all OCBC Pay Anyone services and enhancements: Peer-to-peer QR code payments, QR code payments to NETS merchants, peer-to-peer e-payments and integration of OCBC Pay Anyone with Apple iPhone’s Siri and iMessage.
“Cashless is the new normal! With OCBC Pay Anyone, our customers have been embracing the move away from cash as they get the convenience of real-time payments of all types in one single app. Be it peer-to-peer, in-store or online payment, customers can simply use QR codes, mobile or NRIC numbers – or even Facebook – to pay via the OCBC Pay Anyone app.
“We believe the recent launch of PayNow is an inflection point for driving cashless payments behaviour in Singapore, and we have integrated that with OCBC Pay Anyone to offer our customers the additional convenience of QR code peer-to-peer payments. We will continue to push the boundaries on mobile payments and move the needle in making Singapore a cashless society,” says OCBC Bank E-Business Singapore head Aditya Gupta.
Peer-to-peer QR code payments are available to OCBC Bank customers who have registered for PayNow. Customers need to use Apple iPhone devices running on iOS8 and above or Samsung devices running on Android 4.4 Kit Kat, with the fingerprint recognition feature.
OCBC Bank customers stand to win up to S$50,000 in cash when they register for PayNow
From July 10 July to Aug 20, 2017, OCBC Bank customers stand a chance of winning cash prizes when they register for PayNow. Customers simply need to have an OCBC Bank current or savings account, and go to OCBC Mobile Banking or Internet Banking to link their accounts to their mobile or NRIC numbers.
There are three grand lucky draw prizes that could be won by any customer who signs up for PayNow between July 10 July and Aug 20. The grand lucky draw prizes are S$50,000, S$30,000 and S$10,000 in cash.
For six weeks until Aug 20, 20 customers will each stand to win S$500 in a weekly lucky draw. Customers who sign up for PayNow during a given week will be eligible for the lucky draw for that week.
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