An e-wallet is only as good as how widely acceptable it is, and how much savings or rewards it can give. To this end, the latest partnership between DBS, SingTel and Fave hits all the right spots, offering increased perks and convenience for users.
With this new partnership, DBS PayLah! and Singtel Dash users can now receive instant cashback of up to 20% at all Fave-partnered merchants.
Fave-partnered merchants include more than 12,000 food and beverage and retail outlets across Singapore – this means you will come definitely find yourself dining in or buying from one of them at various points in your daily life.
Get cashback while spending? Count me in. It’s just the money-smart thing to do, with no effort needed.
The businesses partnering with Fave are simply innumerous. Some food places to whet your appetite include Luke’s Lobster Rolls, Tim Ho Wan, Food Republic, Food Junction, Ippudo Ramen, Cedele Group, Crave, Dian Xiao Er, Long John Silver’s, Makisan, Manhattan Fish Market, , Mr Bean, Pezzo, Saladstop!, The Soup Spoon. Non-food places include MiniSo, Essensuals Hairdressing by Toni&Guy, and many, many more!
Hurray for existing DBS PayLah and Singtel Dash users, and for those of us not currently using either e-wallets, now might be a good time to jump on the bandwagon, especially with the following extra cashback promotion running until 30 September 2020:
- S$0.50 extra cashback when you spend S$5 with PayLah! at any FavePay partners.
S$2 Fave credit just by linking your Fave wallet to PayLah!(Promo has been fully redeemed)
- Click on here for more info.
With local merchants forming the backbone of Singapore’s economy, this partnership provides a seamless and safe way for merchants to increase revenue and expand their customer base in a post-COVID-19 Singapore. With this new partnership, Fave merchants will now enjoy the benefit of being able to accept millions of DBS PayLah! and Singtel Dash user payments.
According to Mr Ng Aik-Phong, Regional Managing Director of Fave Singapore and Malaysia, Fave’s cashback and loyalty program can help merchants increase customer retention and repeat purchases anywhere upwards of 20%. Interested merchants can register to join the platform at www.favebiz.com.
WHAT’S THE FUTURE OF CASHLESS SINGAPORE?
Unlike in China where practically everyone uses either WeChat Pay or AliPay, some in Singapore may still be confused when talking about e-wallets, probably because the Singapore market is still crowded with a few different players, and also because there is no pressing need to – using cash is still very convenient.
So, what’s the future of cashless Singapore and how would it pan out? We posed this question to Mr Ng Aik-Phong, Regional Managing Director of Fave Singapore and Malaysia, Mr Edward Yue, head of DBS PayLah! and Mr Gilbert Chuah, head of Mobile Financial Services at Singtel’s International Group. Here’s what they have to say:
Mr Ng Aik-Phong, Regional Managing Director, Fave Singapore & Malaysia: In Singapore, we’re coming to the stage where there is already a huge consolidation of players taking place. When SGQR first started, FavePay was one of the early members in the task force along with 40-50 wallets. Right now, this 40-50 has consolidated to 4-5 main leading wallets and I think that’s a good number to maintain, we don’t want to see a monopoly.
To add more value, each player should be innovating to achieve their own goals while also working collaboratively to achieve collective goals.
Gilbert Chuah, Head of Mobile Financial Services at Singtel’s International Group: For Dash, our aspiration is to make our app as appealing to our segment as possible. That starts with relevant use cases, which is why we have started working towards being more than just a payments app, such as by making general insurance and remittance available on the app. Moving forward, there will be more lifestyle and financial services made available within the app.
Additionally, Dash’s vision of a cashless society is not just within Singapore. We want to enable our customers to go cashless in Singapore and overseas as well. Through our collaboration with Fave, hopefully we’ll be able to look at the next phase of cross-border payments.
Edward Yue, Head of DBS PayLah! at DBS Bank: People still use cash in Singapore and I think there’s still a long way to go to get to the stage where China is, there’s still a great deal of innovation that’s going to come forth.