DBS and POSB cards can now be used on payment solutions provider Nets' mobile wallet application, joining OCBC Bank and UOB in the Nets cashless ecosystem.
Customers of these two banks can now make payments using their mobile phones, instead of the physical ATM cards.
Up to ten ATM cards can be stored digitally in the app. Users simply have to tap their mobile phones or scan a QR code to make a payment, Nets said in a statement. There are currently over 105,000 acceptance points island-wide.
For transactions below S$100, users are not required to key their PIN number before making payment.
"While we have seen exponential growth in our customers' cashless payments adoption volumes, digital payments still take up only a small portion of the total number of payment transactions in Singapore, so we are delighted to deepen the partnership with Nets, with its NetsPay service, to tap into the growth opportunity in digital payments," said Mr Milind Sanghavi, Head of digital payments at OCBC Bank.
UOB's head of digital and mobile, regional digital banking, Mr Aaron Chiew commented, "Our customers have taken to the ease of using their phones to pay by Nets, with such transactions growing an average of 198 per cent every month since we enabled Nets QR codeand Nets mobile contactless payments on our mobile banking app UOB Mighty last year .
"The NetsPay app will complement our initiatives and give our customers different options that enable them to make mobile contactless payments directly from their bank accounts," he added.
Maybank, HSBC and Standard Chartered Bank are also expected to join NetsPay at a later date.