DBS Bank unveils plan to double mobile wallet users to 3.5 million by 2023

DBS Bank aims to more than double its existing user base of 1.6 million in mobile wallet DBS PayLah! to 3.5 million by 2023. Over the course of 2020, the bank will be looking to integrate its DBS Lifestyle rewards app into DBS PayLah! link debit and credit cards payments to the DBS PayLah! platform to allow customers to choose a preferred way of payment method, expand payment touchpoints across the region, and also ramp up on its DBS PayLah! ecosystem partnerships.

Currently, the platform has more than 10 strategic platform partnerships with merchants across key lifestyle verticals, and DBS looks to bring in more merchants over the next few months, including KFC, SISTIC and AXS.

The DBS PayLah! digital wallet was first launched in 2014, and according to the bank, four in 10 Singaporean digital wallet users are DBS PayLah! users. These users also contributed SG$1.5 billion in transactions in the last 12 months, the bank said.

DBS PayLah! users currently have the accessibility to buy travel insurance, book movie tickets, pay bills and transport expenses, browse entertainment and dining offers, make fund transfers and scan to pay for purchases at NETS QR, SGQR and PayNow QR-enabled merchants island-wide. Marketing has reached out to DBS Bank for additional information on its marketing strategies around attaining its goal in 2020.

Meanwhile, Anthony Seow, head of payments and platforms, Consumer Banking Group (Singapore), DBS Bank said in 2020, the bank will be building on the three Ps – payments, partners and platform – as part of a longer-term strategic roadmap.

"By linking DBS/POSB debit and credit cards and integrating the DBS Lifestyle rewards app into DBS PayLah!, our customers will be able to earn and redeem rewards instantly on a single platform simply and seamlessly, regardless of their mode of payment,” he added.

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DBS recently has been pushing for more initiatives as part of it eco-friendly efforts. Its second season themed “Everyday Heroes for a Better World” of web mini-series, Sparks, brought onboard local veteran actors Adrian Pang, Tan Kheng Hua and Darryl Yong to address pressing social and environmental issues of the day such as plastic pollution, food waste as well as social inequality.

DBS earlier shared its initiative to “Recycle more, Waste less”, an eco-movement launched in 2018, by working with tech vendors to reuse and reduce packaging for its electronic items. With DBS fronting itself as a purposeful brand, Karen Ngui, head of group strategic marketing and communications at DBS told Marketing then that being purpose-driven has always been part of the bank’s DNA and its drive to embed sustainability into the organisation is organised under three pillars – responsible banking, responsible business practices and creating social impact.