Singaporean lender DBS has announced plans to introduce a mobile-based QR payment collection solution called DBS MAX, which will enable SMEs to receive funds from their customers and vendors in real-time via a mobile app.
After installing the solution into their mobile device, users have to generate a QR code on their mobile device.
A payment will be completed after customers scan the code and receive a payment notification.
The received funds would be transferred to the business’ bank account in real-time. Besides, sales will be consolidated automatically in a report at the end of a day.
Available from 26 November 2018 for SME and corporate customers, the new proposition integrates with PayNow.
DBS Bank group head of cash product management Jasmin Ng said: “Cash flow is the lifeblood of a SME. It is also critical to their success and overall viability. Apart from developing solutions to help our clients deliver an enhanced customer experience, we also look at ways to optimise their cash flows and improve their working capital management.
“This is important as SMEs form the backbone of Singapore’s economy, employing two-thirds of our workforce and contributing more than half of our GDP.”
DBS MAX was trialled with around 1,000 businesses. In the pilot phase, the bank gathered the feedback of these businesses to support the development of the solution.