The bank has eliminated the previous daily transfer limit of USD 100. Customers can transfer money using just the recipients mobile number, e-mail address or Facebook account on the OCBC Pay Anyone mobile payment app, without having to add the recipients bank account number or use a security token. The service was launched in 2014.
According to the bank, OCBC Pay Anyone is the first and only account-to-account mobile micro-payment service offered by any bank in Singapore that does not require the recipients bank account details to make a transfer.
The banks move comes amid a rise in mobile banking. In 2014, OCBC Bank customers made just one mobile banking funds transfer every two months on average. Since then, mobile banking usage by its customers has doubled, while the number of users has increased by 50 %.
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