Singapore's largest online marketplace to accept DBS mobile wallet

Source: DBS

For the first time, the largest local online marketplace Qoo10.sg has signed on a mobile wallet as a payment option for its customers.

From mid-June onwards, customers shopping on Qoo10.sg will be able to pay for their purchases using DBS PayLah!, the fastest-growing personal mobile wallet in Singapore.

The move by Qoo10.sg to tap on DBS PayLah! reflects how readily Singaporeans have embraced mobile technology and how e/m commerce firms are adjusting to this rapid change. According to Google’s Consumer Barometer research in 2014, Singapore has the highest rate of smartphone penetration globally, and this move by Qoo10.sg further underlines the mobile-first trend, where smartphone adoption has leapfrogged computer adoption.

Increasingly, Singaporeans are using their mobiles to purchase items like flight tickets, apparel and cinema tickets among many others. As customers become increasingly tech savvy, they are also demanding a more integrated experience on their mobiles. The partnership between DBS and Qoo10.sg will simplify the process for customers making payment via their mobiles. With only one or two clicks, customers are able to pay from their DBS PayLah! mobile wallet quickly and securely.

Mobile banking usage among Singaporeans also continues to grow strongly in line with the penetration of smartphones. In just five years, the number of DBS mBanking users recently crossed the one million mark while it took around 10 years for its iBanking users to reach that number. More than 50% of the bank’s daily digital transactions are being done via mobile devices and DBS currently has over 2.2 million iBanking users.

Mr. Gene Wong, Executive Director of Regional eBusiness, Consumer Banking Group, DBS Bank said, “With more than 240,000 users, DBS PayLah! is the fastest-growing mobile wallet in Singapore. As the penetration of smartphones continues to deepen in Singapore, businesses are paying close attention to this trend, with many adopting a mobile-first mindset. As such, merchants are also keen to adopt DBS PayLah! to keep pace with their customers and stay relevant in the rapidly changing mobile landscape in Singapore. We are pleased to further expand our platform to them. Our aim is to make the entire mobile payment journey as seamless and intuitive as possible for all.”

“Qoo10.sg is the largest online marketplace in Singapore, and we are seeing 50% of our customers coming in through the mobile app. With more than 20,000 transactions per day on the mobile, partnering with DBS PayLah! is an exciting step for us to enable a fully mobile experience that ultimately will drive better user experience and more transactions for us and DBS,” said Mr. Hyun Wook Cho, Country Manager of Qoo10 Singapore.

DBS PayLah! is also enabling SMEs in Singapore to provide a more convenient payment option for their customers. BusOnlineTicket.com is one such SME, which is dedicated to providing long distance express bus services within the region.

“The bulk of our customers at BusOnlineTicket.com are tech-savvy Singaporeans. Having a payment method like DBS PayLah! that is trusted and widely recognised can help to further boost our business and sales,” said Mr. Winston W., CEO of BusOnlineTicket.com.

From June onwards, to make a payment to Qoo10.sg and BusOnlineTicket.com, customers simply have to select DBS PayLah! as a payment method. They will then be redirected to login at the DBS PayLah! app to review the details of their payment, and approve the payment. Customers are then returned to the merchant site or app to complete their order.

In a move to drive greater mobile payment usage across the country, DBS has also made DBS PayLah! available to all Singapore residents, regardless of whether they are DBS/POSB customers.

“With DBS PayLah!, we have now reached a critical mass and that is why we are also expanding this service to all residents in Singapore as consumers have signalled their readiness to adopt mobile payments,” said Wong.

At this year’s DBS Marina Regatta happening over three weekends from 30 May to 14 June, DBS PayLah! will also be offered as a payment option for event-goers buying food and drinks at the DBS Food Village by Savour. When DBS PayLah! is selected as the payment option, customers only need to enter their phone numbers at the kiosks. They will then get a notification on their DBS PayLah! app to complete the payment on their mobile phones
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This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

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