Singapore's OCBC has lifted the funds transfer limit on its mobile P2P Pay Anyone service to $1000 following a five-fold increase increase in use since it was first introduced in 2014.
Through Pay Anyone, OCBC customers can send cash directly to any bank account in Singapore using just the recipient’s mobile number, email address or Facebook account.
In 2014, OCBC Bank customers made just one mobile banking funds transfer every two months on average. Since then, mobile banking usage has doubled, with a corresponding rise in uptake of the Pay Anyone feature. The bank says transactions have increased five-fold over the past two years, with an average month-on-month growth of about 10% since August 2014.
Aditya Gupta, OCBC Bank’s head of e-business Singapore, believes the increase in the transfer limit will facilitate wider adoption and open up more payment categories for customers.
He says: "Whether to split dining bills, or make an e-commerce or small business purchase directly from a seller, or even to pay a friend back for a travel expense, the convenience of the increased daily transfer limit is going to be substantial and will make payments seamless for customers, aligning with the vision of Singapore as an e-payments society.”