DBS, AXS develop mobile payment for condo fees

Over 30,000 condo residents will benefit from AXS Pay.

Starting mid-January, residents of over 30,000 condo units can look forward to paying their condominium management fees via AXS Payment Services, a service that is developed specifically for the needs of small and medium-sized enterprises.

With the popularity of online and on-the-go payment options in Singapore, AXS Pay was jointly developed with DBS with the aim to assist SMEs in transforming their mainly cheque and cash-based fee collection to digital e-payment collection over the 3 AXS’ payment channels – the AXS Station, the AXS e-Station (Internet), and the AXS m-Station

This service is free to users and transaction fees have been waived for condominiums’ managing agents. Managing agents can sign up with AXS free of charge to enjoy the benefits of this integrated payment service. Participating condominiums can look forward to increasing their productivity and reducing the resources needed to consolidate payments, while offering their residents the added convenience of AXS’ payment channels.

Supporting AXS Pay is part of DBS’ larger plan to drive cashless and chequeless payment behaviour in Singapore – something that the bank is uniquely positioned to do given that it banks most of the nation. With close to five million customers in Singapore, DBS has been relentlessly expanding its payments partnerships in order to provide an entire ecosystem of options to meet customers’ diverse payment needs and preferences.

“Customers today seek payment services on-the-go, a need evidently proven with the strong year-on-year usage growth in both DBS and AXS’ internet and mobile payment channels. We look forward to further enhancing our customers’ experience and bringing cashless and chequeless payment in Singapore to another level with this new offering,” said Sim S Lim, DBS Singapore country head.

 “AXS Pay is the continued effort of AXS to extend more services that promote cashless transactions, catering to various businesses that may not have the economy of scale to embark on such activities. This will also help consumers, in this case the residents of the condominium and apartments, to consolidate their payment needs,” said AXS CEO, Mr. Joey Chang.

AXS Pay will be launched in phases, and gradually be expanded to include Home Services like gas delivery, air-con servicing and Student Services like home tuition service and enrichment classes.