DBS has launched DBS MAX, a QR code mobile application for merchants who receive regular over-the-counter payments – especially small and medium enterprises (SMEs) – in Hong Kong. DBS states that its use is applicable to businesses across industries, including retail, F&B, healthcare, and insurance.
Using the QR code Scan & Pay functionality of the Faster Payment System (FPS), DBS MAX allows customers to pay merchants in real-time via their own mobile banking apps. Funds will be debited directly from customer bank accounts via FPS, without the purchaser having need of an existing e-wallet. Merchants will likewise receive the funds immediately from any of the FPS participating banks.
According to DBS Hong Kong, this app-based collection solution is designed to be easy-to-use and does not require physical payment terminals to be installed, providing SMEs with the additional flexibility of having mobile point-of-sale payment at any location. It also reduces the merchant’s risk of handling physical cash and offers a shorter settlement cycle as opposed to credit cards or other e-wallet tools.
“During the pilot phase, we have on-boarded 10 customers from a wide range of businesses including food and beverage, retail, pharmacy and technology and obtained good feedbacks. We will continue to enhance DBS MAX further with new value-added features,” said Sohfern Boey, managing director and head of global transaction services, DBS Hong Kong.
Innerwear brand Chicks Hong Kong has already started using DBS MAX in one of their shops as pilot scheme, and seen the potential to roll it out to across its retail network.
Robert Tam, managing director of Chicks Hong Kong said, “Mobile payment is the trend going forward. The key benefit from using DBS MAX is to be able to offer the additional mobile payment option to our customers without the hassle of setting up physical terminals.”
In addition to Hong Kong, DBS MAX is also available in Singapore and India.