UPDATE: OCBC, DBS tie up with Google Pay for digital payments

OCBC branch in SingaporeOCBC branch in Singapore

This article was originally published on Tuesday, 12 November 2019 at 9:12 A.M. SGT; it has since been updated with details from DBS. 

OCBC Bank has entered a tie-up with Google to to allow its customers to use the Google Pay app to make account-to-account PayNow fund transfers, the bank said in a statement Monday.

In a separate statement, DBS said Monday it would launch Google Pay services with DBS PayLah!, which is a personal mobile wallet, by early 2020.

Ching Wei Hong, chief operating officer at OCBC Bank, said the tie up would allow the bank’s customers to make payments without using a wallet, or even a credit card. Currently, Google Pay users can use the app to make payments on credit cards.

“From January 2020, our customers will be the first in Singapore to be able to link their bank accounts to Google Pay to make digital payments,” Ching said in the statement, adding he expected the deal would bring “significant scale” to PayNow.

PayNow is a  service which allows users to send payment transfers to accounts in any Singapore bank using a phone number, identification card number or business identification number, known as a unique entity number (UEN), rather than an account number.

DBS said its tieup with Google includes integrating peer-to-peer (P2P) and peer-to-merchant transactions, allowing DBS PayLah! customers to send and receive funds and pay merchants via Google Pay with a single-click sign up.

Han Kwee Juan, chief strategy sfficer at DBS Bank, said in the statement the tieup would give consumers more options for transferring funds and making instant payments to around 80,000 merchants in Singapore.

In September, DBS said it aimed to more than double the DBS PayLah! User base to 3.5 million by 2023 from 1.6 million currently. Singapore’s total population is estimated at around 5.7 million, according to data from Statistics Singapore.

Google previously launched a similar enhanced version of its Google Pay app in India in 2017, which helped boost the adoption of the sub-continent’s inter-bank payments system, United Payments Interfact (UPI), which is similar to PayNow, the OCBC statement said.

Google Pay can be used on both ios and Android devices.

While you’re here, we’re hoping you can help us out.

Shenton Wire has been providing you with quick news and market analysis. But we need your support to continue to bring you the news you’ve come to expect and to expand our reach beyond Singapore.

Your monthly contribution will directly fund our journalism.

S$2     S$4       S$8

S$18       S$28       S$88


We also accept PayPal contributions



Check your existing account here and sign in to Shenton Wire here.

Contact us about other contribution levels or for corporate subscriptions and article syndication.