OCBC and start-up SOCASH have announced a partnership to provide the bank’s customers with additional cash withdrawal points, as well as to serve as the cash management and distribution solution to the bank’s retail and SME customers.

With SOCASH’s network of cash withdrawal points now integrated with OCBC’s PayAnyone mobile app via the bank’s Open API, OCBC Bank customers can now withdraw money from more than 1500 retail outlets. 

See: SOCASH cashing in on transition to cashless society

These retail outlets effectively act as additional ATMs for customers to draw cash without the need for a physical bank card. 

The cash withdrawal points include supermarkets such as Hao mart, U Stars supermarkets, and Sheng Siong. Customers can also withdraw from retail outlets such as Buzz, i-Econ,7-11, A-mart cafes, and neighbourhood cafes like Killiney located in residential areas.

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Users can place a physical cash order via the SOCASH app and select a nearby retailer to collect their money whilst the payment is processed digitally via the OCBC Bank’s Pay Anyone APIs.

This partnership also allows merchants to reduce their reliance on existing cash logistic processes and help SMEs’ manage their cash processes. 

The service provides businesses with another avenue to deposit cash into their corporate bank account, and It also reduces the need to visit bank branches to deposit cash, thereby allowing them more time to focus on sales and customer service.

“As we accelerate our drive to go cashless, we also recognise that ATMs are a frequently used touchpoint for our customers. Customers expect their banking services to be fast, simple, and convenient. This partnership with SOCASH will further enhance the ease of cash withdrawals for our customers,” said Desmond Tan, OCBC Bank’s head of group lifestyle financing.

For HSBC, the bank has launched a Point of Sale (PoS) device which comes with an in-built PayNow QR function that is ready for immediate use. Customers need only scan the unique PayNow QR code generated by the PoS device using their mobile banking application, to review and authorise transactions. 

This solution is different from other commonly available digital solutions, as merchants will not need to have a separate physical PoS device or tablet to specifically use the PayNow QR function and/or credit cards, therefore saving cost, complexity and time.

Lorna Whiston Schools, which offers both enrichment and preschool education, has recently adopted this new payment solution at its enrichment centres.

David Koh, head of global liquidity and cash management at HSBC Singapore said: “The pandemic has required all companies and individuals to rethink and transition from manual to electronic processes. This solution supports the merchants’ response to a significant change in consumer behaviour, and in a way that saves time, removes complexity and reduces costs.”

The PoS solution is part of HSBC Omni Collect, a one-stop collections solution that allows brick-and-mortar stores, kiosks and e-Commerce sites to accept multiple payment types, across Asia.

HSBC claimed over two thousand clients across Asia are currently using Omni Collect, and online transactions have tripled since January, with the value of these transactions increasing five-fold over the same period.

Meanwhile, DBS customers can now enjoy personalised deals, rewards, as well as conduct their everyday transactions on their DBS PayLah! app.

Integrated its rewards app into DBS PayLah!, the bank’s cardholders can also enjoy deals on the app at its merchant partners such as Lazada, Shopee, Chope and Jewel Changi Airport.

UOB also announced its partnership with Visa to allow the bank’s customers to use their credit cards via UOB’s Mighty app.

The bank is also the first in Singapore that lets its customers offset their SP utility bills with its rewards points, or UNI$.