DBS launched Singapore's first mobile-based QR payment collection solution that lets small-medium enterprise receive funds instantly from customers and vendors.
DBS on Thursday launched DBS Max , a mobile-based quick response (QR) solution that lets small-medium enterprise (SMEs) receive payment from customers and vendors via a mobile app in real-time. This comes as Singapore recently unveiled a single QR code that can be used throughout the island state, as reported by finews.asia.
«Cash flow is the lifeblood of a SME. It is also critical to their success and overall viability. Apart from developing solutions to help our clients deliver an enhanced customer experience, we also look at ways to optimise their cash flows and improve their working capital management,» said Jasmin Ng, group head of cash product management at DBS.
Instant Crediting
Once the DBS MAX app is installed onto the mobile device of designated staff, all they need to do is to generate a QR code on their mobile device before letting the customer scan it. The transaction is complete when a payment notification is received.
Funds received from the transaction would then be credited to the business’ bank account instantly, and all sales will be automatically consolidated in a report at the end of each day.
Addressing Finance-Related Issues
According to the 2017 SME Development survey, more than one in three SMEs in Singapore face finance-related issues. Of these, over eighty percent attribute their finance woes to cash flow issues resulting from delays in customer and vendor payments.
Available from 26 November, DBS said its newly developed solution does away with the need for businesses to wait two working days for cheques and credit card payments to be cleared. Last month, a similar solution was launched by Singapore's Nets, where merchants can bill and collect payments electronically, by leveraging their customers' mobile number.
