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Local Banks promote cashless payment with attractive perks

(Photo credit: DBS Bank Singapore)

Local Banks are working with major payment provider like NETS and mobile payment providers to provide attractive perks to encourage their customers to go cashless, as part of Singapore’s Smart Nation initiative.

Since March, DBS Bank has been offering up to 10% monthly cashback for its customers who made more than $400 spending on transaction below $200, as well as, zero cash withdrawal within that month. This cashback incentive of up to $50 a month will be automatically credited into the customer’s account and will cost DBS an estimated cost of $10 million for this promotion, which ends on 30th September.

The spending can be made through any cashless methods such as QR code payment through DBS Paylah! And NETS Pay App, Contactless payment, NETS, Mastercard or Visa.

Through this promotion, DBS hopes to reduce its ATM cash withdrawal rate island wide, and more customers can hop onto the cashless trend.

Since the launch of the promotion, DBS has saw 1.5 million customers have reduced their cash usage by a significant margin year on year and is expecting this trend to continue.

Other than this promotion, DBS also have a similar promotion ongoing for its new Passion POSB, DBS Visa, HomeTeam NS-Passion POSB & SAFRA DBS Debit Card, where they can enjoy $30 cashback with a minimum spending of $300 within the first month. However, the catch is that to enjoy this cashback, the customer must not make any cash withdrawal within the first 3 months from the date their card is activated.

Other than the cashless initiative, DBS has an ongoing promotion for its PayLah! users to refer new users. For every new PayLah! user that is successfully invited, both the referee and the referral will receive $5 from DBS with a maximum cash credit of $50.

OCBC on the other hand encourages its customers to use cashless payment for receipts below $30 by several F&B chains. It is currently offering 50 cents off any drink with a minimum of $2 spent at Koufu food courts when customer pay through OCBC PayAnyone app. This can be done through scanning the QR code on the NETS terminal provided at the respective drink stalls within the participating outlets.

Currently, it is working with food outlets Pasta Mania and Kraftwich to provide free soup set with every main ordered when its customers use Apple Pay. On top of that, customers will also be able to enjoy a $2 discount when using Apple Pay at Cedele and Workspace Espresso Bar. Later this year, OCBC hope to launch more offers at food places such as Starbucks and Krispy Kreme.

When interviewed, its head of digital payment, Mr Milind Sanghavi said that OCBC wish to use contactless payments via digital mobile wallets to encourage customers to adopt cashless payment method, as it is a widespread platform for its customers.

UOB on the other hand focus on mobile payment in conjunction with its ONE Card, where there are up to 1 million $1 deals for its customer to redeem when paying with mobile payment solutions like Apple Pay, Android Pay, Samsung Pay and UOB Mighty app. Every week, UOB will launch exclusive merchant $1 deal for its ONE card customers to encourage its card customer to adopt mobile payment, in a bid to go cashless.

Previously, it had worded with Famous Amos, Cold Storage and KFC on providing different items for $1 and have plans to work with Giant, Singtel, Jollibean, Dunkin Donuts and many more in the next few week to provide its customer more exciting deals.

Singapore payment provider, NETS, will also provide 50 cents off meals at selected hawker centres, coffeeshops and canteens, with a minimum purchase of $2 when paying through NETS QR every Wednesday. For the full list of participating outlets, please refer to NETS Website.

NETS QR is an integrated QR code payment solution, where customers is able to pay through different apps such as NETS Pay, DBS PayLah!, OCBC Anyone, UOB Mighty app. It comes in 2 variation, a static QR code where hawker is able to stick on their store front, and customer can scan and manually key in the payment amount, as well as a dynamic version generated by NETS QR terminal where the sale amount is automated by the machine itself.

With so many attractive deals and perks, how can one not go cashless? So, let’s us ride on this Smart Nation trend today and start scanning!

About FOMO Pay

FOMO Pay provides one-stop QRCode Payment Solution which enables merchants to accept a full suite of new payment methods including WeChat Pay, NETSPay, mVISA, Grab Pay, Baidu Wallet, Best Pay, etc. Launched in 2016 with more than 1000 merchants acquired within a year, FOMO Pay is trusted by major companies including SPH, Marina Bay Sands, StarHub, JUMBO, Club 21, CHANEL, etc. With FOMO Pay, merchants can unlock true business potential by giving customers the payment options they prefer and adopt cashless payment easily. FOMO Pay is also sitting in MAS SGQR Taskforce to promote QR code payment and make Singapore a cashless society.