NFC TIMES Exclusive Insight – Two of Singapore's major banks–both of which are participating in all three of the “Pays” wallets–Apple Pay, Samsung Pay and Android Pay–are expanding their peer-to-peer payments services to in-store payments using QR codes.
Neither bank, Oversea-Chinese Banking Corp., OCBC; nor Development Bank of Singapore, DBS, along with DBS’ subsidiary Post Office Savings Bank, apparently considers NFC sufficient to cover a wide range of Singaporean merchants and consumers.
The banks are working with local payments services company NETS to enable QR code-based payments at point-of-sale terminals in the next month or two. OCBC and DBS are also targeting small merchants that do not accept card payments at all. The small merchants could display static QR codes on their own smartphones or in printed format, without having to pay for a POS terminal. DBS launched this functionality recently, as it expanded use of QR codes as an option for customers to make or receive P2P funds transfers.
