DBS, Fave and Singtel Partners to Offer More Cashback to Their Customersby Fintech News Singapore August 27, 2020
Fave, a fintech platform providing QR payments to restaurants and retailers, has announced a collaboration with DBS Bank and Singtel Dash to offer Singaporeans “more secure digital payment options”.
DBS PayLah! and Singtel Dash users can transact digitally via the scanning of SGQR codes at Fave-partnered merchants to enjoy instant merchant cashback of up to 20%, starting from August and early September 2020 respectively.
All existing merchants using FavePay QR payments will be extending their cashback to DBS PayLah! and Singtel Dash users. Since 2019, Fave merchants have issued over S$20 million in cashback for their customers through the FavePay loyalty programme.
DBS PayLah! and Singtel Dash customers can simply open their accounts and scan the SGQR codes at FavePay-partnered merchants to enjoy FavePay’s rewards and cashback. To consolidate existing FavePay merchant cashback that customers have accrued, they can also link their Fave accounts with their DBS PayLah! and Singtel Dash apps.
Newly onboarded merchants will enjoy the benefit of being able to accept millions of DBS PayLah! and Singtel Dash user payments under the FaveBiz platform. The consolidation and acceptance of payments will allow Fave’s merchant partners to access seamless reporting, payment reconciliation, customer insights and demographic data.
Digital payments and e-wallet adoption are projected to increase rapidly in Singapore over the next two years, comprising 22.5% of all sales by 2021, according to the latest research by JP Morgan. Among the merchants expected to benefit from this new initiative are local businesses with physical stores that accept QR payments.
“We are enabling merchants to extend their loyalty and cashback beyond Fave’s ecosystems to more Singaporeans via different mobile wallets while concurrently offering more payment choices to all Singaporeans, regardless of what payment apps they use.
With our wide-reaching cashback loyalty and QR code acceptance locations coupled with our combined massive partner payment customer base, we will enable merchants, large and small, to capture and retain more customers, contributing back to the nation’s digitalisation efforts and economic recovery.”
said Ng Aik-Phong, Regional Managing Director, Fave Singapore & Malaysia.
“We are pleased to work with Fave as part of our commitment to ramp up merchant partnerships on DBS PayLah! so that our customers can be rewarded for their purchases at the same time,”
said Edward Yue, Head of DBS PayLah! at DBS Bank.
“This partnership complements our expansive offline and online partnership strategy, specifically the F&B segment that is already popular with our customers, and will provide a lift in awareness which Fave’s merchant partners will appreciate during this time.”
Featured image: (L-R) Edward Yue, Head of DBS PayLah! DBS Bank, Ng Aik-Phong, Managing Director, Fave Singapore and Malaysia, Gilbert Chuah, Head of Mobile Financial Services, Singtel International Group