Sending money through the new VPP requires a customer to have the recipient’s name and their 16 digit Visa card number.
Available to all DBS/POSB customers in Singaporem, the service that transfers funds in near real-time, can be accessed through DBS’ iBanking and mBanking channels.
DBS Bank cards and unsecured loans head Anthony Seow said, "With this service, we are offering customers a simple, affordable and convenient solution to cater to their cross-border funds transfer needs."
Visa Singapore and Brunei country manager Ooi Huey Tyng said that the new service offers an affordable and convenient channel to thousands of people who need to send money to their loved ones on a regular basis.
Managing more than 200 offices across 15 markets, DBS operates in China, Southeast Asia and South Asia and caters services in consumer, SME and corporate banking activities.
