The new service is accessible to all DBS/POSB customers in Singapore and is available through the bank’s iBanking and mBanking channels. DBS/POSB customers can now send money to over 1 billion eligible Visa cards globally, including funds transfers to over 200 million Visa Debit, Visa Credit and Visa Prepaid cards. In order to complete a payment, consumers need the recipient’s name and their 16 digit Visa card number.
Transfers to a Visa debit card occur as a deposit to the underlying checking or savings account, transfers to an eligible Visa prepaid card occur as a top-up to the balance and transfers to a Visa credit card will be applied to the outstanding balance with any surplus funds held in credit.
P2P payments to developing countries are projected to grow by 7.9 percent in 2013, 10.1 percent in 2014 and 10.7 percent in 2015 to reach USD 534 billion in 20152. This is a 33.5 percent rise from the USD 400 billion figured recorded in 2012. This growth is likely to be led by markets such as India and China, which recorded recipient figures of USD 70 billion and USD 66 billion respectively in 2012. There are over 80 send-side VPP programs by financial institutions in over 20 countries including Australia, China, Taiwan, Hong Kong, India, Indonesia, Malaysia, Russia, Ukraine, the US, UAE and Kenya.
DBS is a player in the payments space and has the largest internet banking and mobile banking customer base in Singapore, with about 1.9 million and 600,000 users respectively. The bank launched the 3-in-1 (Visa, Visa payWave, EZ-Link) contactless payment card back in 2009.
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