OCBC increases daily fund transfer limit on Pay Anyone service to $1,000

OCBC increases daily fund transfer limit on Pay Anyone service to $1,000

SINGAPORE - Customers of OCBC Bank in Singapore can now make fund transfers of up to $1,000 a day through their mobile phones, without the recipient's bank account number or a security token.

The only information needed to make such transfers on the bank's Pay Anyone mobile service is the recipient's mobile number, email address or Facebook account, OCBC said in a statement on Sept 5.

Once the recipient has received the transfer alert, they will be instructed to key in their account number and a six-digit passcode provided by the sender. The deposit is then made directly from the sender's OCBC Bank account into their desired account.

According to the bank, the OCBC Mobile Banking app offers the first and only account-to-account mobile micro-payment service in Singapore that does not require the recipient's bank account details to make a transfer.

ljessica@sph.com.sg

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