DBS Eyeing More Features to Double Their User Base to 3.5 Million in 2023by Fintechnews Singapore September 26, 2019
DBS announced that it aims to double its existing user base of 1.6 million to 3.5 million by 2023 for its mobile wallet DBS PayLah!.
To achieve this, the bank will over the course of 2020 integrate its DBS Lifestyle rewards app into DBS PayLah!, link debit and credit cards payments to the DBS PayLah! platform so customers can choose their preferred way to pay, expand payment touchpoints across the region, and ramp up on its DBS PayLah! ecosystem partnerships.
It has signed more than 10 strategic platform partnerships with merchants across key lifestyle verticals, and users can look forward to more merchants coming onboard the platform over the next few months, including KFC, SISTIC and AXS.
Anthony Seow, Head of Payments & Platforms, Consumer Banking Group (Singapore), DBS Bank, said
“In 2020, we’ll be building on the three Ps – Payments, Partners and Platform – as part of a longer-term strategic roadmap. By linking DBS/POSB debit and credit cards – Singapore’s most popular form of payment – and integrating the DBS Lifestyle rewards app into DBS PayLah!, our customers will be able to earn and redeem rewards instantly on a single platform simply and seamlessly, regardless of their mode of payment.”
In Singapore, roughly 70% of Singaporeans use a digital wallet, out of this number DBS claims that 4 in 10 people (1.6 million) are using their digital wallet. These 1.6 million users made SGD 1.5 billion transactions in the last 12 months.
DBS PayLah!’s peer-to-peer (P2P) and peer-to-business (P2B) fund transfer services are also integrated with PayNow and PayNow Corporate. PayNow recently hit 2.8 million registrants3, of which DBS/POSB holds the lion’s share of around 65%.
DBS PayLah! users today can buy travel insurance, book movie tickets, pay bills and transport expenses, browse entertainment and dining offers, make fund transfers and scan to pay for their purchases at more than 80,000 NETS QR, SGQR and PayNow QR-enabled merchants island-wide.