From August and early September, DBS PayLah! and Singtel Dash users will be able to pay for their meals and other purchases digitally by scanning the SGQR codes at over 12,000 Fave-partnered restaurants and retailers.
Notable names under the programme include Tim Ho Wan, Food Republic, and Ippudo Ramen.
The collaboration between FinTech platform Fave and DBS and Singtel provides a seamless and safe way to increase revenue for businesses and expand their customer base in a post-Covid-19 Singapore.
Existing businesses under the Fave programme will be extending their instant cashback of up to 20% to DBS PayLah! and Singtel Dash users.
According to research done by JP Morgan, digital payments and e-wallet adoption are projected to increase rapidly in Singapore over the next two years, comprising some 22.5% of all sales by 2021.
“Our partnership with DBS PayLah! and Singtel Dash marks the beginning of a new era in the e-payments ecosystem,” says Ng Aik-Phong, regional managing director, Fave Singapore & Malaysia.
“With one out of four merchants in Singapore active on our Fave platform, we welcome DBS PayLah! and Singtel Dash to the ‘Fave Open Loyalty Network’. With our wide-reaching cashback loyalty and QR code acceptance locations coupled with our combined massive partner payment customer base, we will enable merchants, large and small, to capture and retain more customers, contributing back to the nation’s digitalisation efforts and economic recovery,” Ng adds.
“This partnership complements our expansive offline and online partnership strategy, specifically the F&B segment that is already popular with our customers, and will provide a lift in awareness which Fave’s merchant partners will appreciate during this time,” says Edward Yue, head of DBS PayLah! at DBS Bank.
“As customers’ lifestyles have become more digital since the onset of COVID-19, we’re glad to provide a safe and more convenient option to pay through contactless payments with Dash. We are also looking forward to connecting the millions of customers using regional wallets in our VIA cross-border payment alliance to Fave’s merchant ecosystem when travel resumes again,” says Gilbert Chuah, head of mobile financial services at Singtel’s International Group.
As at 11am, shares in DBS were trading at $20.52, and shares in Singtel were trading at $2.31.
