OCBC Bank and DBS have tied up with Google Pay to help the two banks launch Google Pay services with PayNow and PayLah! by next year. Peer to peer funds transfer is now a multibillion-dollar industry, and the customers at OCBC will be the first ones in Singapore to make such transfers via Google Pay on PayNow. On the other hand, the integration with Google Pay will also allow their customers to add credit cards to the platform and help making payments at stores.
Additionally, the rewards earned by users on Google Pay will move directly to their bank accounts. Officials from all the concerned firms confirmed the latest collaboration; Mr. Caesar Sengupta, Vice President of Payments and the Next Billion Users initiatives at Google and Ching Wei Hong, the COO at OCBC Bank, confirmed the tie-up respectively. Hong stated that,
In today’s digital world, building ecosystems of partnerships and going beyond traditional banking products is critical.
On the other hand, Google Pay integration with DBS’ PayLah! will see users get both peer to peer as well as peer to merchant services. Users can sign up with one click and will be able to send or receive funds instantly. Additionally, users will also be able to make payments to as many as 80,000 merchants in Singapore. Back in September, the bank had also stated that the integration would allow them to raise the number of users on PayLah! up to 3.5 million by 2023. Currently, PayLah! has a customer base of 1.6 million. Han Kwee Juan, the chief strategy officer at DBS, stated,
This collaboration demonstrates our commitment towards building wholly seamless, intuitive services for our customers.