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RETAIL BANKING | Staff Reporter, Singapore

QR payment deployment boosts DBS' SME cashless transactions by 70%

It only launched the feature four months ago.

DBS revealed that it has seen a 70% increase in digital transactions from its SME customers and 25% increase in transaction value since the bank launched DBS MAX four months ago, a mobile-based QR payment collection solution.

The bank said that the adoption of DBS MAX has been steadily expanding with close to 2,000 merchants and 3,000 over outlets across Singapore, enjoying its popularity the most from customers in the F&B and retail sectors. The scheme is especially helpful for SMEs adopting digital forms of payment collection as it eliminates the time and effort in managing and depositing cash in banks.

Overall cash transactions for SME customers using DBS MAX have significantly decreased by about half. “This correlates to the over four in five Singaporeans who are already using some form of e-payment, as digitalisation brings about more ease and convenience. This trend is set to continue with the increase in digital payments collections solutions targeted directly at SMEs such as DBS MAX,” the announcement said.

DBS MAX has been rolled out in Hong Kong and India. DBS expects that more than three in five retail SMEs will sign up for the DBS MAX solution in the next 12 months.

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