SINGAPORE - DBS Bank and AXS have launched a service to allow condominium residents to pay their condo management fees online or via a mobile app.
The service is free to use for both condo residents and managing agents.
Transaction fees have also been waived for condo managing agents, who stand to benefit from going digital, as they traditionally have had to deal with large amounts of paperwork to consolidate payments.
A similar service was launched by United Overseas Bank and HiLife Interactive late last year, offering condo residents and management corporations digital and mobile payments.
DBS and AXS teamed up to jointly develop AXS Payment Services, or AXS Pay, with a broad aim of helping small businesses transform their mainly cheque and cash-based fee collection to digital e-payment collection, via AXS' three payment channels - the physical AXS Station, kiosks that can be found islandwide, the online AXS e-Station and the AXS m-Station, a mobile app.
DBS said in a statement: "Supporting AXS Pay is part of DBS' larger plan to drive cashless and chequeless payment behaviour in Singapore - something that the bank is uniquely positioned to do given that it banks most of the nation."
AXS Pay will be launched in phases, and gradually be expanded so that eventually users would also be able to use the service to make digital and mobile payments for home services such as gas delivery and air-con servicing and student services such as home tuition service and enrichment classes.
AXS Pay has so far signed up condos comprising a combined 30,000 units.
Savills Property Management managing director Chan Kok Hong said: "AXS Pay will bring forth the convenience of digital payment for both our industry as well as our residents. This would help the industry in displacing cheques and cash, and increase productivity as a whole.
"Our residents will also be able to enjoy the ease of making their payments on their mobile device, Internet or kiosk in a safe and secured manner."
There are about 3,200 MCSTs here, collecting annual fees of about S$1.1 billion.