Consumers in Singapore are rapidly embracing Quick Response Code as an alternative to using local tender and cash based merchants are getting on board too.
In less than a month, Singapore's DBS Bank has reached out to some 3,000 cash-based merchants, of which some 400 have been fully onboarded, with more in the process of enablement, with its «Smart Nation Ambassador Programme» (SNAP). They include traditional and mature small merchants
Jeremy Soo, the Head of Consumer Banking Group (Singapore) believes that SNAP represents true cash displacement in which cash-based merchants are converted into using cashless payments.
The higher ubiquity in cashless payment acceptance will in turn encourage consumers from making the transition to cashless payments.
Initially Singapore's largest lender set up SNAP as an outreach programme to demonstrate to businesses how going cashless can be low-cost, easy and raise business productivity.
A Game Changer
So far, 3,000 Quick Response Code (QR code) transactions have been processed via the banks payment app DBS PayLah! since the launch of its QR code function since April.
«We are delighted with the traction gained by SNAP and its game-changing potential to convert cash-based merchants across the island,» said Soo.
The next cash target for the bank is local taxi firm ComfortDelGro Taxi to implement QR code payment in its fleet of 16,300 taxis by the third quarter of this year.
Altogether, the bank aims to have more than 60,000 QR code payment acceptance points available to customers by the end of 2017.
