SMEs Warming to Digital Payments
DBS' digital payments collection solution is gaining traction among SMEs, and those on board have seen cash transactions fall by half in 2019.
DBS Bank has seen a 70 percent rise in digital transactions from its SME customers since it launched mobile-based QR payment solution DBS Max in November 2018, it said in a press release.
The bank said that it has about 2,000 merchants using its plug-and-play digital payments collection solution across 3,000 outlets. In the first four months of 2019, overall cash transactions among them have fallen by about half, DBS noted.
Easing Cash Flow Issues
DBS Max enables SMEs to receive funds instantly from their customers and vendors, aiming to ease cash flow issues resulting from delays in customer and vendor payments. It also removes the need for payment terminals and automates book-keeping, and is integrated with PayNow.
«As a bank, we are constantly looking at how we can innovate to help SMEs optimise their working capital while streamlining their collections and payables process,» Jasmin Ng, the bank's group head of cash product management, said.
DBS said that it expects over 60 percent of retail SMEs to sign up for DBS Max in the next 12 months. DBS Max is also available in Hong Kong.
