The new DBS Logistics Purchasing Card aims to save time and help prevent the spread of coronavirus for logistics companies with a cashless, contactless interface, according to a press release on Thursday (May 7).
The card will be available for small and medium-sized businesses (SMBs) and will further DBS’s aim of adding more digital functionality to the marketplace.
According to the company, the card provides a way to settle collections and payments at container depots without falling back on the traditional cash methods. Drivers end up taking time out of their day for payment matters, and DBS says its new card will save up to 30 minutes a day otherwise spent on that, if the card is introduced at all depots in Singapore.
The card, with its cashless operations, will also help out in a timely way by allowing drivers to remove the risk of infection they’d have by touching a screen or exchanging cash. Joyce Tee, head of SME banking with DBS Group, said the economic slowdown with the virus has had a silver lining in allowing the company time to test and implement elements of the new card.
Yang Kee Logistics has signed with the bank to use the Logistics Purchasing Card, which will allow digital payments and collections for drivers and haulers at Yang Kee’s depots, Tuas-Pacific Trans and Container Collections.
Currently, Yang Kee operates with manual paper-based processes, according to the release, processing 25,000 payments a month that way that will now be handled digitally. Now, Yang Kee and DBS plan to engage around 1,000 drivers who use those depots to initiate them to the new cashless method.
Koh Yang Kee, Yang Kee Logistics executive chairman and founder, said the card “streamlines the entire payment and collection process at our two container depots and benefits both our container depot staff and the drivers who use our container depots.”
In line with the card, DBS also recently debuted a way for clients to use virtual methods to set up business accounts.