Happiness and Continuous Learning: Following digital trends to stay in competition

With the entry of technological advancement, more and more people presume security and demand convenience. The distinction between the physical and virtual commerce worlds are blurring, giving birth to a new type of commerce: Digital or e-Commerce.

This trend is evident in the increasing awareness of the following:

The rise of the digitised consumer
The evolution of credential management in payment infrastructures

The invasion of the smart phone into the lives of our modern city dwellers is taken to another new height with the widespread use of Mobile Banking with the latest break-through enabling people to transfer funds instantly via their mobile phones.

Presently in Singapore, the funds transfer through eGIRO service via mobile phones is currently offered by most banks which extend Mobile Banking including DBS Bank, OCBC Bank, UOB Bank and Maybank.

OCBC Bank has recently just launched their Mobile Payment Service called "OCBC Pay Anyone" offered on its mobile banking app which allows payments of up to S$100 a day without any extra charges to any bank account in Singapore as long as the sender has the recipient’s email address or mobile number, or if the recipient is a Facebook friend.

The service works this way: The sender has to log in to his OCBC mobile app, which will allow him to choose the recipient via any of the three methods of payments. He then generates his own passcode for the recipient, and will also have to input a one-time password received from a text or his banking token.

The recipient can activate the payment process by accessing a unique link sent through Facebook, email or mobile number, keying in the passcode from the sender and bank account details on a secure OCBC site.

UOB (United Overseas Bank) on the other hand also offers a similar service dubbed "Mobile Cash"

UOB Mobile Cash is an innovative way to transfer money securely via any mobile number. The received money can be withdrawn from any UOB ATM (without an ATM card ), credited into a UOB account, or used to top up a NETS FlashPay or NETS CashCard.

Here's a quick look at how you can begin using Mobile Cash:

Maybank (Malayan Banking Berhad) is offering Maybank Mobile Money which also allows their customers to pay anyone, anytime and anywhere from their Maybank Current or Savings Account. The customer just need to know the collector's mobile number instead of bank account number. As a sender, the customer has to ensure that the collector has a Singapore-registered mobile number and a savings or current account with a bank in Singapore, or a Singapore-issued Visa or MasterCard credit card.

Singapore's largest local bank, DBS Bank has also rolled out a new mobile banking service, dubbed "DBS PayLah!" which is a mobile wallet that lets customers pay their buddies with their mobile phone.

Overview

With DBS PayLah!, customers can send cash instantly with their mobile phones to share a meal, a movie or anything at all with their buddies!

With just the payee's mobile number, funds can be sent to him/her instantly just by picking a number, enter an amount and submit! Receiving money is immediate and hassle-free too! The money goes directly into the payer's own DBS PayLah! wallet instantly.

DBS PayLah! is designed with safety features so that users can use it with confidence! A personal password is required to access and use the DBS PayLah! app.

All one need to get started with DBS PayLah! are the following: