The refreshed app, which builds on Singapore's payments infrastructure, now allows real-time money transfers via PayNow for DBS PayLah!, OCBC Bank and Standard Chartered customers.
Google has launched a new version of its payments app Google Pay, which streamlines money transfers from different banks on one platform and allows customers to make peer-to-peer transfers via PayNow and to merchants via UEN or PayNow QR, which is available on Android and iOS.
Instead of taking a digital wallet approach, Google focused on everyday relationships its users had between friends and businesses in designing the app, Patrick Teo, director of engineering, Google Pay, said at a media launch on Thursday. The result is an app that makes it quick and easy to transact with people and businesses, which is as simple as sending a chat message.
Google Pay also includes features like split bill payments, restaurant menus for take-out and delivery, which can be ordered within the app, movie ticket booking, as well as cash-back rewards for payments made using the app.
Digital Payments Adoption Grows
«SMEs and corporates are leveraging digital to change the way that they buy, sell and operate. They have to do so if they want to thrive in the post-Covid-19 new normal and e-payments are an important part of that,» Melvyn Low, OCBC Bank head of global transaction banking, said.
Singapore is the first country in Southeast Asia and the second globally after India to offer the new version of Google Pay. The number of PayNow users in Singapore stands at 4 million, with nearly three-quarters of all organizations on PayNow Corporate.
«We believe that we are at a tipping point on digital adoption and building more client-centered solutions and services will provide a further boost to adoption. Building a strong digital ecosystem through industry collaboration will give clients a seamless digital payments experience,» Dwaipayan Sadhu, head of retail banking for Singapore at Standard Chartered Bank, said.
