Singapore’s Oversea-Chinese Banking Corp. (OCBC) will soon expand acceptance of its person-to-person mobile payments app to local merchants.
The QR code-based OCBC Pay Anyone app has seen rapid adoption for P-to-P payments since its launch in 2014, and beginning this week more than 1,000 local merchants also will accept payments via the app, OCBC said in a Tuesday press release.
Consumers using the app at participating merchants must scan a bar code appearing on the payment terminal screen or a separate printout, and authenticate their identity via the app using their fingerprint. Consumers next select which bank account to use within the app, which immediately deducts the necessary funds, OCBC said in the release.
The Gap, Zara, Marks & Spencer and Paradise Classic restaurants are among initial participating merchants; by the end of this year OCBC said it expects more than 50,000 merchant terminals in Singapore will be compatible with the app.
“OCBC Pay Anyone (P2P) volumes have increased 10 times since May of last year, and now we want to bring the same convenience to paying for regular shopping and meals using QR codes…for greater convenience to our customers,” said Pranav Seth, OCBC Bank’s head of e-business, fintech and innovation, in the release.
OCBC will give bank customers a $10 rebate for their first purchase using the app at a participating retailer. The promotion runs June 1 to June 30, OCBC said.