DBS is the first bank in Singapore to introduce contactless payments using mobile phones. DBS one.tap is a DBS MasterCard PayPass credit card. As the advert points out, with just one tap of your NFC enabled smartphone, this credit card allows you to pay for goods and services quickly and securely at more than 20,000 DBS and MasterCard PayPass merchant acceptance points in Singapore.
Existing DBS/POSB cardmembers can apply for DBS one.tap in one easy step, using their DBS/POSB iBanking account.
Interestingly, this seems to be a complete wallet – with payment, ticketing, loyalty, booking and couponing all combined within one application. The video has only been up a few weeks so it seems as thought it is the very start of the introduction but I look forward to getting some results about the take-off rate. Singapore is very technology orientated and for a small country it has a fairly contained economic eco-system which should allow this kind of introduction to flourish in the extreme.