Banking sans banks: DBS launches new mobile wallet app

Higher daily limit set at $999.

DBS/POSB customers can now send and receive funds instantly, even outside of the internet banking environment. On Thursday, DBS announced the launch of its mobile wallet, the DBS PayLah.

PayLah is a mobile application the consumers can download for free from Google Play or the iTunes App Store. It is designed to drive greater payment usage and has a higher daily limit of $999.

“We have received more than 5000 sign ups for DBS PayLah! within a week of making the app available. This signals consumers’ readiness to adopt mobile payment. With more than 4.4 million customers in Singapore, most consumers would have a DBS/POSB account and would be able to use PayLah,” said Louis Foo, Senior Vice President of DBS’ Consumer Banking Group eBusiness.

Out of the over one million online transactions handled by DBS daily, more than 30% are mobile transactions, largely driven by consumers.