Singapore's OCBC Bank has launched its first standalone mobile payments app which makes QR code cashless payments.
The new standalone OCBC Pay Anyone app brings together all OCBC Pay Anyone services and enhancements, peer-to-peer e-payments, QR code payments and access to OCBC Pay Anyone integrated with Apple iPhone’s Siri and iMessage, into a one-stop access to e-payments.
With the app, customers can simply scan QR codes at participating merchants’ Nets terminals to pay for their purchases directly from their OCBC Bank account, the bank said in a media release.
Payment by phone Number
After authenticating the transaction securely with a fingerprint, the payment is immediately deducted from the customer’s OCBC Bank account and paid to the merchant through Nets. This is unlike mobile wallets which require additional steps to top up the mobile wallet using a bank account.
Payments through OCBC Pay Anyone have increased exponentially with a tenfold increase in the amounts paid and almost fourfold increase in average monthly transactions since last year.
Pranav Seth, OCBC Bank’s Head of E-Business, Business Transformation and Fintech and Innovation Group said, «It’s a war on cash! OCBC Pay Anyone has been a favourite payment service among our customers, who have embraced the movement away from cash and increasingly adopted paying other individuals using just phone numbers.»
Digitisation of Banking
«OCBC Pay Anyone payment volumes have increased 10 times since May last year. Now, we want to bring the same convenience to paying for your regular shopping and meals using QR codes,» Seth added.
In the Asian market, Singapore banks OCBC and DBS have spearheaded the industry's digital shift.
finews.asia recently met Aditya Gupta Head of E-Business at OCBC, at the bank to delve deeper into the growing digital shift.
