DBS has introduced quick response code-based payments for the B2B segment, in a bid to further propel Singapore’s cashless movement, says finews.asia.
The bank hopes to boost payment speeds and is piloting the solution first in the F&B industry – a sector with limited penetration with nine out of 10 payments still being made through cash or bank transfers, according to a statement. The bank developed the solution after nearly 20 digital workshops with F&B businesses to identify bottlenecks in the payment process.
In the new solution, which executes payments through its fund transfer service PayNow, users can consolidate multiple invoices per transaction and make full or partial payments for multiple invoices. This is also expected to effectively help improve credit terms due to the instantaneous and flexible nature of the process. The bank will roll out the new payment solution to the broader F&B ecosystem, logistics companies and traders by the end of 2020.
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