cashless payments

GrabPay now available at BreadTalk, to roll out at Toast Box in Oct

SINGAPORE (Aug 8): BreadTalk has partnered with Grab to introduce the ride hailing and mobile payments app’s GrabPay service across its 42 bakery outlets across Singapore.

Starting from Oct, the partnership will extend to the group’s subsidiary brand Toast Box, such that GrabPay services will also be accepted across 63 of its outlets island wide.  

In a Wednesday release, BreadTalk highlights the tie-up as one of GrabPay’s most extensive rollouts in Singapore.   

Rise of cashless payments keeps Singapore's banking sector 'overweight'

SINGAPORE (Dec 1): UOB Kay Hian is maintaining Singapore’s banking sector on “overweight” as the recent boom in mobile payments is paving the way for Singapore to become a cashless society.

The research house’s top “buy” local banks are DBS Group Holdings and Oversea-Chinese Banking Corp with target prices of $26.10 and $12.56 respectively.

Singapore conducts huge volume of international payments due to its stature as a global financial centre, a major trade finance hub and a gateway for investments into Asia.

Banking on cashless payments to raise profits by up to 9%

SINGAPORE (Sept 18): Even as Singapore gears up on its cashless payments ambitions, Maybank Kim Eng Research says higher adoption of e-payments could raise the banks’ earnings in FY17-19E by as much as 9%.

According to Maybank, the bulk of banks’ cards fees come from merchant discount rates (MDR) and net interchange fees. Assuming that some 70-90% of banks’ card fees in Singapore are related to such fees, this translates to Singapore banks earning between $77 million and $388 million in fees in FY16.

Are ride-sharing companies the new banks?

(Sept 5): In Southeast Asia, mobile banking is taking on a whole new meaning. Last week, Grab, one of the region's top ride-hailing companies, announced that users of its app can start sending credits -- used to pay for rides -- to each other. By the end of the year, they'll be able to use those credits at more than 1,000 restaurants and retailers. If all goes well, Grab will one day be known as an e-payment platform that just happens to offer a taxi service.

OCBC launches first standalone mobile payments app

SINGAPORE (May 30): OCBC Bank has announced the launch of its first standalone mobile payments app, OCBC Pay Anyone, which is now available for download at the Apple and Google Play mobile app stores.

This brings together all OCBC Pay Anyone services and enhancements – namely peer-to-peer e-payments, QR code payments, and access to OCBC Pay Anyone integrated with Apple iPhone’s Siri and iMessage – into a one-stop access to e-payments.

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