Singapore – 27 August 2020 – Fave, Southeast Asia’s fastest growing fintech platform providing QR payments & Loyalty Cashback to restaurants & retailers, has announced a collaboration with DBS Bank and Singtel Dash to offer Singaporeans more digital and safer payment options. Starting from August and early September 2020, DBS PayLah! and Singtel Dash users can respectively transact digitally via the scanning of SGQR codes at Fave-partnered merchants to enjoy instant merchant cashback of up to 20%.
With local merchants forming the backbone of Singapore’s economy, this partnership provides a seamless and safe way to increase revenue for merchants and expand on their customer base in a post-COVID-19 Singapore. All existing merchants using FavePay QR payments will be extending their cashback to DBS PayLah! and Singtel Dash users. Newly onboarded merchants will enjoy the benefit of being able to accept millions of DBS PayLah! and Singtel Dash user payments under the FaveBiz platform. The consolidation and acceptance of payments will allow Fave’s merchant partners to access seamless reporting, payment reconciliation, customer insights and demographic data.
Digital payments and e-wallet adoption are projected to increase rapidly in Singapore over the next two years, comprising 22.5 percent of all sales by 2021, according to the latest research by JP Morgan. Among the merchants expected to benefit from this new initiative are local businesses with physical stores that accept QR payments such as retail, F&B outlets, beauty salons, wellness spas and other forms of service providers. Since 2019, Fave merchants have issued over S$20 million in cashback for their customers through the FavePay loyalty programme.
DBS PayLah! and Singtel Dash customers can simply open their accounts and scan the SGQR codes at FavePay-partnered merchants to enjoy FavePay’s rewards and cashback. To consolidate existing FavePay merchant cashback that customers have accrued, they can also link their Fave accounts with their DBS PayLah! and Singtel Dash apps. Through this new partnership, DBS PayLah! and Singtel Dash users will be able to scan at more than 12,000 F&B and retail outlets across Singapore such as Tim Ho Wan, Food Republic, Essensuals Hairdressing by Toni & Guy and Ippudo Ramen. This would enhance convenience and cashback savings to millions of PayLah! and Dash users.
“Our partnership with DBS PayLah! and Singtel Dash marks the beginning of a new era in the e-payments ecosystem,” said Ng Aik-Phong, Regional Managing Director, Fave Singapore & Malaysia. “We are enabling merchants to extend their loyalty and cashback beyond Fave’s ecosystems to more Singaporeans via different mobile wallets while concurrently offering more payment choices to all Singaporeans, regardless of what payment apps they use. With one out of four merchants in Singapore active on our Fave platform, we welcome DBS PayLah! and Singtel Dash to the ‘Fave Open Loyalty Network’. With our wide-reaching cashback loyalty and QR code acceptance locations coupled with our combined massive partner payment customer base, we will enable merchants, large and small, to capture and retain more customers, contributing back to the nation’s digitalisation efforts and economic recovery.”
“We are pleased to work with Fave as part of our commitment to ramp up merchant partnerships on DBS PayLah! so that our customers can be rewarded for their purchases at the same time,” said Edward Yue, Head of DBS PayLah! at DBS Bank. “This partnership complements our expansive offline and online partnership strategy, specifically the F&B segment that is already popular with our customers, and will provide a lift in awareness which Fave’s merchant partners will appreciate during this time.”
Gilbert Chuah, Head of Mobile Financial Services at Singtel’s International Group said, “With this partnership, Dash customers get access to an even larger pool of merchants and seamlessly earn rewards with the recent launch of our new Dash Rewards programme. As customers’ lifestyles have become more digital since the onset of COVID-19, we’re glad to provide a safe and more convenient option to pay through contactless payments with Dash. We are also looking forward to connecting the millions of customers using regional wallets in our VIA cross-border payment alliance to Fave’s merchant ecosystem when travel resumes again.”
In the long term, Fave plans to bring more digital payment partners onboard to enable their customers to receive FavePay cashback rewards from their favourite merchants, while enabling more merchants to set up their loyalty programmes by accepting digital payments from various banks and e-wallets. As a merchant-first platform, FavePay is part of a suite of services offered by Fave to support their merchants in all areas of running a business, including payments acceptance, customer loyalty, customer acquisition and operations digitisation.
Interested merchants may register their interest to join the platform at www.favebiz.com.