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The Silicon Review Asia

DBS’ QR-Code Based Solution Addresses Singapore’s Aim of Going Cashless

DBS’ QR-Code Based Solution Addresses Singapore’s Aim of Going Cashless

PAYING providers and cash vendors for Singapore's 28,000 coffee shops, hawker centers and restaurants will soon be a thing of the past. For companies in Singapore, DBS has unveiled an industry-first approach to change the mostly cash-and paper-based B2B payments and collections environment. DBS' QR-code-based solution is operated by DBS RAPID and DBS MAX and addresses the target of Singapore to boost productivity by removing cheques by 2025 and go cashless.  

The new solution that enables cashless and faster F&B payments is an accessible end-to-end QR collection platform that allows instant payments within the backend with automated account reconciliation functionalities.Customers can also consolidate multiple invoices into one QR-code-based transaction, as opposed to other market solutions. They also have the flexibility to make full or partial payments for one or more invoices, and suppliers in turn now have the option to instantly enhance credit terms for each invoice. In order to bring greater convenience to customers, suppliers can also send their customers who are not on hand to receive the goods in person a QR code requesting payment.DBS' B2B payments and collections solution currently makes payments easier in Singapore through PayNow. DBS planning to introduce the solution to the broader F&B market, logistics and import/export merchants later this year, through a series of digital workshops with stakeholders from different industries.

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