On May 29, DSB Bank announced that it had launched DBS PayLah!, its mobile wallet application. According to a recent Today article, the application lets DSB customers, as well as POSB customers, to use their mobile phones to pay for purchases, send and receive funds outside of the Internet banking environment.
DSB explained to the news source that once the DBS PayLah! application is downloaded, customers link their mobile numbers with existing DBS and POSB bank accounts, and top up the mobile wallet.
“While smartphone penetration is high in Singapore at 87 per cent, consumers have been slow to adopt mobile payment. Some of the key challenges for mobile payment include concerns around security, privacy and convenience,” DSB explained to Today.
However, mobile banking is becoming more popular, according to DBS. For example, mobile transactions are forming more than 30 percent of the over 1 million online transactions handled by DBS daily.
Senior Vice-President of Consumer Banking Group eBusiness at DBS Bank Singapore Louis Foo told the news source that DBS has received more than 5,000 sign-ups for the application within one week of making it available.
“This signals consumers’ readiness to adopt mobile payment,” Foo said.
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