DBS unveils QR-based B2B payments solutions

Suppliers will have the option of instantly enhancing credit terms for each invoice.

DBS has launched an industry-first QR code-based solution for B2B payments and collections, according to a press release.

It was developed for the food & beverage (F&B) sector, where close to nine out of 10 B2B payments are still cash-based or facilitated through bank transfers. It is powered by DBS’ RAPID and MAX mobile apps and aims to help businesses go cashless and eliminate cheques by 2025.

It will be an end-to-end QR collection enabled platform that allows instant payments with automated accounts reconciliation functionalities in the backend. Customers will be able to combine multiple invoices into one transaction and to make full or partial payments for one or multiple invoices.

In turn, suppliers will have the option of instantly enhancing credit terms for each invoice. They can also send QR codes to customers who are not available to receive their goods in person.

SG5, the main distributor for Asia Pacific Breweries Singapore, is one of the first F&B operators to try out the platform. DBS hopes to introduce the solution into the wider F&B sector, logistics firms, and import/export merchants later this year.