DBS is stepping up to allow more than 800 merchants on e-Bazaar platform, BazaarRia, to get paid instantly.
BazaarRia's payment systems are integrated with DBS MAX, which is DBS’ mobile-based QR payment collection solution enabling businesses to receive funds instantly. This means that credit cards are not required for payment and customers can pay through an instant bank transfer made through his or her mobile phone.
Currently, most e-bazaar payment methods tend to accept only credit card payments – making it inaccessible to the one in four Singaporeans who do not have one. This also limits the clientele that merchants can reach out to.
With the new DBS feature, customers simply need to use his/her mobile phone to scan the automatically generated PayNow QR code on the BazaarRia payment page, and the funds will be instantly sent to the merchant. The sale is completed in just a few seconds, with the merchants enjoying real-time collection of payments which will be automatically consolidated into their bank accounts.
Physical Ramadan bazaars – selling everything from home decorations and clothing to sweet treats and electronics – are an annual affairs that many Muslims in Singapore look forward to attending. However, due to extended circuit breaker measures, all physical Ramadan bazaars have been cancelled, and some have moved online.
“As a country that is rich in culture and heritage, Ramadan and the lead-up to Hari Raya Puasa is an important part of our social calendar," said Shee Tse Koon, DBS Singapore CEO. "We hope that by empowering merchants to transact digitally in double quick time, we can spark joy by bringing the spirit of the season back to the homes of Singaporeans and sustain the livelihoods of small businesses."