DBS yesterday launched a mobile wallet, which allows its customers to send and receive funds, as well as retain funds in this mobile application.
Users can keep funds of up to $999 in the wallet - known as DBS PayLah! - and use that pool as a source of funds to send money to other DBS customers. They can maintain a fund balance within this app for frequent transfers.
This form of fund transfer is more convenient than typical Internet banking transactions, since only the mobile numbers of payers and recipients are required for the transaction to go through, DBS said.
Users can also customise the settings such that the app functions as a pure peer-to-peer fund transfer tool. In this case, then, all money that is sent via this app is not retained in the wallet, but is deposited immediately into the recipient's designated savings or current account.
This article by The Business Times was published in MyPaper, a free, bilingual newspaper published by Singapore Press Holdings.
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