DBS to launch IATA Pay in Hong Kong, Indonesia, Singapore
Airlines can access up to US$20b in savings from payment processing fees.
DBS has partnered with the International Air Transport Association (IATA) to launch IATA Pay in Hong Kong, Indonesia, and Singapore.
IATA Pay, which is currently active in more than 20 markets, enables travellers to pay for air tickets purchased online by directly debiting their bank account. In turn, airlines can access up to US$20b in cost savings every year from payment processing fees.
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DBS will enable participating airlines to collect payments through a generated Dynamic QR code. DBS Max then enables IATA to receive real-time confirmation of payment when enabling customers to scan and pay from their bank accounts. This is expected to help facilitate easy reconciliation with end-of-day reports.
The solution will be rolled out to Hong Kong in 2022 with roll-outs in Indonesia and Singapore following in 2023.