OCBC raises Pay Anyone fund transfer limit to $1,000

Security token and recipient’s bank account are also no longer required.

Using their mobile phones, clients of OCBC Bank can now transfer larger amounts of money directly to any bank account in Singapore each day as OCBC increased the daily mobile funds transfer limit of its Pay Anyone service from $100 to $1,000.

According to OCBC, their customers only need the recipient’s mobile number, email address or Facebook account to perform the transaction. Customer convenience has also been optimised with the removal of the security token and the recipient’s bank account among the transaction requirements.

The tenfold increase in the funds transfer limit is OCBC’s way of aligning with Singapore’s vision as an e-payments society, said Aditya Gupta, OCBC Bank’s head of e-business Singapore.

“OCBC Pay Anyone transactions have increased five-fold, with an average month-on-month growth of about 10 per cent since August 2014. In 2016 alone, the total number of customers who used the OCBC Pay Anyone service increased 50 per cent since January,” OCBC shared.

A total of 19 banks are participating in OCBC Pay Anyone. The average amount transferred through mobile banking, meanwhile, is $996.