OCBC's Pay Anyone app users can now generate QR codes to receive, send money

A woman walks past an Oversea-Chinese Banking Corporation (OCBC) branch in Singapore on January 12, 2016.
A woman walks past an Oversea-Chinese Banking Corporation (OCBC) branch in Singapore on January 12, 2016.PHOTO: REUTERS

SINGAPORE - OCBC Bank has introduced a new feature to its Pay Anyone app, which will allow users to generate their own unique QR codes, to receive payments from or send money to other users of the app.

With this feature, Pay Anyone app users do not even need each other's mobile numbers or NRIC numbers to make such transactions.

Users have to be registered with PayNow to make use of this new feature, and it is only enabled on phones with fingerprint recognition.

OCBC said the feature would come in handy for peer-to-peer e-commerce transactions, where sellers and buyers may not want to exchange personal information.

Payees can now create a QR code, which would specify the amount to be paid, and send it via an e-commerce platform, email or social media for the payer to scan and pay.

Alternatively, a payee can meet the payer and have the latter scan the QR code directly on a mobile device to make immediate payment.

The daily transfer limit for payers is $1,000.

Mr Aditya Gupta, OCBC's head of e-Business Singapore, said: "Cashless is the new normal. With OCBC Pay Anyone, our customers have been embracing the move away from cash as they get the convenience of real-time payments of all types in one single app. Be it peer-to-peer, in-store or online payment, customers can simply use QR codes, mobile or NRIC numbers - or even Facebook - to pay via the OCBC Pay Anyone app.

"We believe the recent launch of PayNow is an inflection point for driving cashless payments behaviour in Singapore, and we have integrated that with OCBC Pay Anyone to offer our customers the additional convenience of QR code peer-to-peer payments. We will continue to push the boundaries on mobile payments and move the needle in making Singapore a cashless society."

Since PayNow was launched on July 10, close to 100,000 people have linked their mobile or NRIC numbers to their personal OCBC Bank account to facilitate instant account-to-account transfers.

PayNow allows customers of seven participating banks in Singapore, including OCBC, DBS and United Overseas Bank, to receive money from or send money to one another using just each other's mobile phone number or NRIC number.

The QR code feature that OCBC has rolled out can only be used in transactions involving two Pay Anyone app users.

To send cash to customers of other banks via PayNow, the a Pay Anyone user would still need the recipient's mobile phone number or NRIC number.

DBS also launched QR code payments, via its PayLah! mobile wallet, in April. Similarly, these QR codes can be used to make payments only to other PayLah! users.

So far, some 8,000 QR code transactions have been processed via DBS PayLah! since its launch.