DBS Introduces QR Code Product For B2B Payments

Singapore-based financial services company DBS has launched an industry-first, QR code-based solution for B2B payments and collections, the company announced on Monday (Jan. 20).

The product was created based on information gleaned from almost 20 DBS digital workshops with food and beverage (F&B) owners who were asked questions about their payments infrastructures and pain points. The results indicated that almost 90 percent of B2B payments in the F&B industry made via cash or bank transfers.

The new product is an end-to-end, QR-based platform that drives fast, cashless F&B payments and automated accounts reconciliation. Payments are being facilitated through PayNow in Singapore.

Joyce Tee, group head of SME banking for DBS Bank, said that the first step in moving F&B from cash dependency is the digitalization of payments and collections. “Many SMEs we speak to want to realize productivity gains by becoming more digital, but they don’t have the expertise or infrastructure to do so,” she noted.

Tee added that “by understanding their pain points,” advanced payments capabilities will “lead the way in digitalizing and streamlining the payments landscape in Singapore,” giving F&B owners and their employees more time to run their businesses and serve customers.

The new solution aligns with Singapore’s goal of boosting productivity through abolishing checks by 2025 and moving toward a cashless society.

SG5, the main distributor for Asia Pacific Breweries Singapore, trialed the new solution and anticipates saving as many as 3,300 man-hours each month.

“On average, our frontline staff spends around 3.5 hours every day traveling to different parts of the island to collect cash and check payments,” said SG5 CEO Alvin Chua. “With the new payments solution and precious man-hours saved, I hope to be able to upskill my staff so that we can work together to bring the business to new heights. It will also be a boon to our cashflow, as we will be able to receive payments instantly upon delivery of goods.”

The first QR solution launched by DBS was DBS MAX, which launched in 2018 to help small and medium-sized businesses facilitate payments from consumers and business partners. The mobile-based QR code payment tool was introduced as a way to promote the adoption of ePayments in Singapore.