Commuters in Singapore using one of the major taxi firms can now pay instantly with QR codes using the DBS bank app DBS PayLah!.
In another blow to good old fashioned cash, customers of Singapore's largest bank DBS via its app DBS Pay Lah!, can now make instant QR code payments in all 16,000 ComfortDelGro taxis in the city.
This latest development means that DBS and its subsidiary Post Office Savings Bank (POSB) is on track to have 60,000 QR code payment acceptance points available to customers by the end of the year, the bank said in a media release.
Cash Not King
DBS/POSB is seeing growing momentum in e-payments adoption in Singapore as a result of its multiple initiatives, with the bank’s customers taking to digital and cashless payments in rapidly rising numbers.
From June 2016 to June 2017, contactless card transactions grew 82 percent, while payment volumes rose by 76 percent. In the same period, the app DBS PayLah! saw its transactions and payment volumes more than double, with a growth of 110 percent and 111 percent respectively.
Cashless Payments Accelerate
«With the introduction of user-friendly digital payment modes such as the QR code for day-to-day activities such as taxi payments, we expect cashless payment adoption to accelerate,» said Jeremy Soo, Head of Consumer Banking Group (Singapore), DBS Bank.
Paying taxi fares with DBS PayLah! is instant and does not require the use of credit/debit cards. Customers simply need to scan the QR code on the taxi’s cashless payment terminal and the app will automatically process the payment.
