DBS Bank, OCBC, UOB to use NETS QR code for cashless payments

Seven banks in Singapore, including DBS Bank, OCBC and United Overseas Bank will be offering cashless payments in Singapore via NETS' QR code platform by mid-2018.

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A man uses a Development Bank of Singapore (DBS) automated teller machine in Singapore January 4, 2016.

Seven banks in Singapore, including DBS Bank, OCBC and United Overseas Bank will be offering cashless payments in Singapore via NETS' QR code platform by mid-2018.

The top three lenders will be joined by HSBC, Maybank, Citibank and Standard Chartered Bank to enable this payment offering, the banks said in a joint press briefing on Monday.

The unified QR code payment platform will be able to accept payments from customers using NETSPay, DBS PayLah!, OCBC Pay Anyone and UOB Mighty, while the four foreign retail banks are "expected to offer this service shortly".

To encourage the installation of NETS terminals by hawkers, NETS is waiving all terminal and transaction fees for three years, it said.

Since Singapore Prime Minister Lee Hsien Loong highlighted a unified epayments system as one of the country's key objectives in his National Day Rally speech, several companies have taken up the challenge.

Grab aims to have its QR payments system available at 1,000 hawker stalls and small merchants by this year's fourth quarter while payments giant PayPal is also keen to get more Singaporeans going cashless.

(With inputs from Channel News Asia)

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