DBS Bank and AXS have launched a service to allow condominium residents to pay their condo management fees online or via a mobile app.
The service is free to use for both condo residents and managing agents.
Transaction fees have been waived for managing agents, who stand to benefit from going digital as they traditionally have had to deal with large amounts of paperwork to consolidate payments.
A similar service was launched by United Overseas Bank and HiLife Interactive late last year, offering residents and management corporations digital and mobile payments.
DBS and AXS teamed up to jointly develop AXS Payment Services, or AXS Pay, to help small businesses transform their mainly cheque- and cash-based fee collection to digital e-payment collection, via AXS' three payment channels - the physical AXS Station, kiosks found islandwide, the online AXS e-Station and the mobile app AXS m-Station.
AXS Pay will be launched in phases, and expanded gradually so that eventually users would also be able to use the service to make digital and mobile payments for home services like gas delivery and air-con servicing.
AXS Pay has so far signed up condos comprising a combined 30,000 units.
Savills Property Management managing director Chan Kok Hong said: "Our residents will be able to enjoy the ease of making their payments on their mobile device, Internet or kiosk in a safe and secure manner."
There are about 3,200 MCSTs here, collecting annual fees of about $1.1 billion.
This article was first published on January 20, 2017.
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