This is relatively new here, but some apps can now generate QR codes, which the sender can scan to transfer money. Think of QR codes like invoices, which the recipient creates to ask for money, and the payer scans to pay for. The two of you don’t even need to be in the same room to transfer money.
DBS PayLah and OCBC Pay Anyone both offer the option to transfer funds via QR code, but unfortunately, the apps aren’t cross-compatible. You can only use QR codes from PayLah to PayLah and Pay Anyone to Pay Anyone.
You don’t need a DBS or POSB account to use PayLah, an account with a bank which offers FAST will do, but you do need an OCBC account to use Pay Anyone.
To request money using DBS PayLah, click on the QR code icon on the top right side of the Home page, then click on ‘Show My Code.’ Key in the amount that you want, and this will generate a QR code that your friend can scan to start a transfer. To send money using PayLah, click on the same QR code icon and scan your friend’s QR code.
Here’s how to do it with OCBC Pay Anyone:
The two of you don’t even need to be in the same room to do a transfer using QR codes. If you’re the one asking for money, you can also send the QR code over as an image, which your friend can then upload to the app on their smartphone and authorize a transfer.
If you’re using DBS PayLah, the money is deducted from your mobile wallet. If the mobile wallet is set to auto top-up, then it’ll deduct the amount from your linked bank account when your mobile wallet funds run low.
If you’re receiving money, then the money will go to the mobile wallet, however, if the PayLah wallet’s limit is set to zero, then the money will be sent straight to your account.
If you’re using OCBC Pay Anyone, the money is deducted from your linked bank account.
Up to S$999 using DBS PayLah, and up to S$1,000 using OCBC Pay Anyone