DBS Bank launches QR code-based solution for B2B payments
DBS bank, a Singapore based multinational banking and financial services company has launched end-to-end QR (Quick response) code-based solution for B2B payments and collection in Singapore.
The vendors in Singapore can now make payments to other vendor and suppliers using this technology. The suppliers and vendors can consolidate all its invoices into one single QR code to facilitate payments with having an option to make full or partial payments towards it.
SG5 is one of the first operators to use this technology and the company believes it would save up to 3,300 man-hours a month. The QR platform of DBS bank currently facilitates its payments through PayNow in Singapore.
“Digitalizing payments for F&B players is the first step in transforming the cash-intensive B2B payments and collections landscape,” said Joyce Tee, Group Head of SME Banking of DBS Bank.