Before the advent of mobile apps such as DBS PayLah!, sending money to a friend through online banking was a cumbersome process.
For instance, DBS customers would have to first add their payee's account number to a list, and then authenticate the action via an SMS one-time password and a security token.
With PayLah!, launched in May last year, the money transfer process is quicker and more streamlined. Instead of having to type in the payee's account number, the app lets PayLah! users identify each other by phone number.
This makes peer-to-peer transfers as easy as looking up someone in your phone's contact list.
The app also lets users request payments from others, pay bills, donate money and top up mobile prepaid SIM cards. Users can also use the app for online purchases at merchants such as shopping portal Qoo10 and BusOnlineTicket.com, which sells coach tickets for trips between Singapore and Malaysia.
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QUICK FACTS
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DATE LAUNCHED: May 2014
USER BASE: 240,000 registered users in total, over both iOS and Android platforms
TRANSACTION LIMIT: $999 per day
AVERAGE AMOUNT PER TRANSACTION: $30 to $50. Peer-to-peer transfers have a lower average, while merchant payments have a higher average.
The app is well-integrated with the iPhone, but less so with Android devices. It can be synced with the Apple Watch, to show notifications when the device is being worn. It also supports Apple's fingerprint identity sensor, Touch ID.
According to DBS, over 40 per cent of log-ins now are made using Touch ID. It said the number of peer-to-peer payments has risen by 30 per cent month-on-month for the last three months, while merchant payments have more than doubled month-on-month.
Mr Gene Wong, DBS' executive director and regional head of e-payments, consumer banking group, said: "More people are making peer-to-peer payments more frequently, and becoming accustomed to using mobile wallets for their daily payments."
Lisabel Ting
