Singapore’s DBS Bank has unveiled its own mobile wallet, called DBS PayLah, which can be downloaded as an app and allows the bank’s customers to send and receive funds via their devices. The mobile wallet has a daily transaction limit of S$999. The app can be used to provide children’s allowance as well as pay for purchases with sole proprietorships such as blogshops and taxi drivers. DBS noted that while smartphone adoption was at a high 87% in the country, consumers had been slow to use mobile devices as a payment mode due to concerns about security, privacy, and user convenience. The bank had launched another mobile banking app, called mBanking, in 2011 but this also saw slow adoption despite its focus on making user experience ‘seamless and intuitive’. The bank then introduced new features including investment services and card activation. To date, there are more than 800,000 mBanking users in Singapore.
