Monday, July 21, 2014

Why You Should Get DBS PayLah!

First off, let's me clear. I am a cynic of the DBS consumer banking arm. I find that they are lagging behind the curve in almost every aspect of consumer banking there is - base interest rates, fixed deposits, brokerage fees, credit cards.... there are probably more problems I can fault them for, but I don't want to spend my time and energy thinking about their products that I will NOT be using.

BUT TO BE FAIR, I must say that this PayLah! mobile payment app is pretty amazing.

They are currently running a promotion that the first 500 people to register for DBS PayLah! daily will get $5 in their PayLah! wallet.

Basically, PayLah! is the exclusive DBS solution for an e-wallet and a quick solution to transfer small amounts of money between people. Current competitors in the market are Dash by Standard Chartered and OCBC Pay Anyone.

See PayLah! in Action
Just as it happens to be, last Friday I went out with a group of friends and I ended up with the bill at the end of the night. No biggie though, I charged the bill to my OCBC Frank Card and now I'm pretty much done with my spending for the month to get my bonus interest and rebates, haha!

Of course, collecting the money is always never an easy task. The next day I calculated everyone's share and told them my bank details. Only 1 person out of 7 paid me back, haha.

However, today I decided to try PayLah! just for the heck of it and see how convenient it really is, and whether this $5 is really a big gimmick or not. To my surprise the registration process was a breeze and I managed to register within a few minutes. The best part? Immediately after registering, I sent my free $5 straight to my DBS savings account!

Now, I was thoroughly impressed by how fast and easy it was to register and claim the free $5 from PayLah! I told all my friends about this $5 promotion, and guess what? Within 2 hours later, 3 people immediately registered for it and paid me back!

PayLah! isn't a gimmick, and it really is quite fast, easy and convenient. I am surprised myself to say that this new innovation by DBS has got me really impressed.

The registration process was fast and easy, the user interface is clean and intuitive and finally, it does what it is supposed to do - make it easier for your friends to send you money.

The best part about DBS PayLah! is that you can set your PayLah! wallet to automatically send any money that you receive to go directly into your designated bank account. Of course, this means that if you want to send money to someone else through PayLah!, you will have a small hassle of downloading money to your PayLah! wallet and sending it off. I think it is a small inconvenience to bear knowing that money sent to you sleeps peacefully in your bank account rather than your PayLah! wallet!

Most likely, I will now be less likely to want to run away from the bill, since I can now force most of my friends to immediately send me money, haha! Or perhaps I won't have to force them to do it, since it really is quite a simple task once you've done it a few times.

Unlike OCBC Pay Anyone, you do not have to remember your account details because it is already noted during registration. The downside is that OCBC Pay Anyone can send money to anyone who is a client from any bank, and the recipient does not need an app. DBS PayLah! requires you to have the app.

SCB's Dash is offering $10, but it looks to me that it does not seem to be attracting many curious bites. The registration process includes a savings account, so the process becomes a lot more tedious. The initial energy to overcome inertia is too much, so even the $10 is not that enticing. No one I know uses Dash as well, so I think they have to be more aggressive with their marketing to reach a sustainable critical mass to compete with DBS PayLah!

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