DBS PayLah! is a new phone application by DBS that allows you to perform fund transfer easily without the need to know the bank account number of the recipients.
How it works is that PayLah! acts as some kind of mobile wallet that is linked with your handphone number and DBS bank account. Your mobile number then becomes some kind of identifier for someone to make a transfer to you.
I think it’s a great idea as some people might not be comfortable giving out their bank account numbers. There are also others who do not remember their bank account numbers. So it can be a handy tool to use.
The only problem is that the receiving party will also need to have the application installed.
The DBS PayLah! application is available on both the android and iphone maketplace. Unfortunately, I haven’t had the opportunity to test out DBS PayLah! as the version was not supported on my Samsung Galaxy Tab 8.0. Yes, I’m using an 8 inch tablet as my phone :).
Recently, other banks have also been offering similar solutions and I will be talking about them in future posts.