SINGAPORE (THE BUSINESS TIMES) - Digital merchant Fave on Thursday (Aug 27) said it has collaborated with DBS Bank and Singtel Dash to offer consumers "more digital and safer payment options".
Starting from August for DBS PayLah! and from early September for Singtel Dash, users can transact digitally by scanning SGQR codes at Fave-partnered merchants to receive instant cashback of up to 20 per cent, Fave said.
DBS PayLah! and Singtel Dash users will be able to scan at more than 12,000 food and beverage (F&B) and retail outlets across Singapore, such as Luke's Lobster Rolls, Tim Ho Wan, Food Republic, Essensuals Hairdressing by Toni & Guy and Ippudo Ramen. This would enhance convenience and cashback savings for "millions" of Paylah! and Dash users, Fave noted.
Merchants expected to benefit from this initiative are local businesses with physical stores that accept QR payments including retail, F&B outlets, beauty salons, wellness spas and other forms of service providers.
In addition, the consolidation and acceptance of e-payments will allow Fave's merchants to access payment reconciliation, customer insights and demographic data, Fave added.
Said Ng Aik-Phong, regional managing director for Fave Singapore & Malaysia: "We are enabling merchants to extend their loyalty and cashback beyond Fave's ecosystems to more Singaporeans via different mobile wallets, while concurrently offering more payment choices to all Singaporeans, regardless of what payment apps they use."
Gilbert Chuah, head of mobile financial services at Singtel's International Group, noted that the company is glad to provide a "safe and more convenient option" with contactless payments, as customers' lifestyles become more digital with the onset of the Covid-19 pandemic.
According to Fave, its merchants have issued over $20 million in cashback for their customers since 2019 through the FavePay loyalty programme.
As at 11.06pm on Thursday, DBS shares were trading at $20.49, down $0.19 or 0.9 per cent, while Singtel shares were trading flat at S$2.31.