DBS Bank has become the first bank in Singapore to offer virtual credit cards, the leading Asian bank announced on Friday (12 March).
The banks' DBS One.Tap is now available to mobile subscribers from the three mobile network operators in Singapore, the bank said in a media statement.
Customers of M1 and SingTel can use this virtual card with Near Field Communication-enabled (NFC) mobile handsets. Previously, only StarHub mobile subscribers with NFC handsets could sign up for the service, the bank said.
DBS has been a leader in driving contactless payments in Singapore. It was the first bank in Singapore to launch a virtual credit card in September last year. The bank launched the first 3-in-1 (Visa, Visa payWave, EZ-Link) contactless payment card back in 2009 (Live Fresh by DBS).
How does it work? According to the bank, existing DBS/POSB cardholders and new customers who hold NFC-enabled mobile handsets can simply replace their SIM card for a NFC SIM card at any M1, SingTel or StarHub shop.
They can then apply for DBS One.Tap Card using their smartphones on DBS iBanking and mBanking. Once approved, customers can download their respective mobile network operator's NFC Wallet Application from Google Play and activate DBS One.Tap.
3,000 partner merchant outlets
DBS said it has been working with key partner merchants to drive greater usage and acceptance of the NFC technology among DBS/POSB cardholders. The bank has equipped over 30,000 of its partner merchant outlets with contactless payment terminals. Some of these merchants include Shaw Theatres, PastaMania, Popeyes Louisiana Kitchen, FOX, Pumpkin Patch and G2000. More outlets will be added to the list, the bank said.
Sign up for CIO Asia eNewsletters.