Hong Kong's DBS Bank is integrating into the country's new Faster Payments System to allow small businesses to accept QR code instant payments.
The DBS Max app allows bank customers to scan a faster payments QR code and pay in real-time through their own mobile banking apps.
DBS Bank Limited operates as a licensed bank incorporated in Hong Kong as a unit of Singapore-based DBS Bank. DBS launched the Max app in Singapore late last year and has tested it at various businesses in retail, food and beverage.
DBS Max was launched to help small-business owners as well as corporate clients adopt digital payments from customers or vendors, while making payment reconciliation easier. It also eliminates the need for payment terminals and reduces costs and risks associated with handling cash.
"DBS understands our current business model and offers us with a cashless solution in DBS Max," Jason Bow, of soup delivery firm Soup BB in Hong Kong, said in a Monday press release. "It helps us to provide seamless customer experience and increase our margin. All we need is to install the app, and our delivery team can collect the payment on delivery via their mobile phones anywhere."
The process eliminates the two or more working days that businesses generally have to wait to receive clearing on checks or credit card payments, said Jasmin Ng, group head of cash product management at DBS Bank.
“Cash flow is the lifeblood of a small business enterprise," Ng added. "It is also is critical to their success and overall viability."
After the DBS Max app is installed onto a business employee's mobile device, it generates a QR code for the customer to scan. The transaction is complete when a payment notification is received.
The funds received from the transaction are credited to the business’ bank account instantly, and all sales are automatically consolidated in a report at the end of each day.
DBS also began testing a
