DBS and OCBC account holders without credit cards can soon use Google Pay to make payments to merchants in Singapore.
The integration will allow both banks' customers to send and receive funds and also pay merchants via Google Pay using a single-click sign-up.
«We believe that integrating Google Pay with our DBS PayLah! platform will deliver greater convenience to consumers as they will have more options to transfer funds and make instant payments to some 80,000 merchants in Singapore,» said Han Kwee Juan, Chief Strategy Officer at DBS Bank in a media statement.
Roll Out
The U.S. technology giant on Monday demonstrated a preview of Google Pay in Singapore at the Singapore Fintech Festival 2019, promising features of simplicity, security and helpfulness for users. It taps on conversations of users to create suggestions and also tokenized cards within Google Pay.
The new service is being tested early next year with the aim of rolling it out in full later in the year, said Hannia Zia, product manager of Google Pay during the preview at the festival. The collaboration includes the integration of both peer-to-peer (P2P) and peer-to-merchant (P2M) transaction services.
Taps On PayNow
As Google Pay is tapping onto Funds Transfer Services PayNow, customers of nine banks on the payment infrastructure may also enjoy Google Pay later. PayNow allows users in Singapore to make and receive payments from their bank accounts using their mobile or identification number.
«The potential of Google Pay leveraging PayNow is tremendous and will provide our customers the benefits of secure, seamless and ubiquitous payments without having a wallet. Both OCBC and Google share the same customer-centric approach to enabling seamless digital payments – an open-loop payments ecosystem,» said Ching Wei Hong, Chief Operating Officer at OCBC Bank in a media statement.
