What’s the Mandarin term for Digital Banking?

Do you know that Singapore is among the fastest adopter of Digital Banking? Do you also know that Singapore-based DBS Bank has been named the “world’s best bank” for the fourth year in a row by the magazine Euromoney?

Digibank apps are created to make banking more accessible and convenient for customers. With the rise of digitalisation, younger or ‘digital-native’ consumers, in particular have come to expect the same lower costs, greater convenience and more personalisation from financial services as they already obtain from other services, from online shopping to transport to food delivery. 

While each digibank app is unique and varies in its features, some basic features are common across all these apps. Let’s take a look at the main features you’ll find in the digibank apps:

  • secure digital token  
  • hassle-free biometric login 
  • accounts at a glance
  • easy viewing of transactions
  • ability to make payments and transfers easily (PayNow, QR Pay etc)
  • fuss-free bill payments 
  • SGFinDex (except Citi Mobile app and Amex Mobile app at this time) 

DBS PayLah!, one of Singapore’s most popular mobile wallets, targets to increase its user base to 3.5 million by 2023. 

Do you also know you can even use PayNow at your convenience at participating hawker stalls these days? Also, if you have registered for PayNow using your NRIC, the government can disburse general payments or vouchers automatically to your PayNow-linked bank account. 

Want to know more about the difference between PayLah! and PayNow? Come and attend our Mobile e-Payments class followed by Digital Banking class to make online transactions.

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