Singapore’s DBS Bank Partners IATA to Launch IATA Pay | 繁體

Hong Kong, 08 Dec 2022 - With borders reopening and air travel steadily returning to pre-pandemic levels, DBS today announced it has partnered with the International Air Transport Association (IATA) to launch IATA Pay in three key Asian markets, which started with Hong Kong and will be followed by Indonesia and Singapore next year.  

IATA Pay, which is currently live in more than 20 markets[1], enables travellers to pay for air tickets purchased online by directly debiting their bank account, providing greater financial inclusion for consumers who may not have access to credit or debit cards. In turn, the direct payment solution unlocks significant cost savings for airlines which incur around USD20 billion[2] of payment processing fees each year mainly from card payments, while providing same-day settlement, reconciliation, and refund management for an enhanced customer experience. With direct debiting from consumers’ bank accounts, airlines are also better able to manage their working capital with near instant cash flow from sales.

Through IATA Pay, DBS will enable participating airlines to collect payments with generated Dynamic QR code. With DBS Max solution[3], when customers scan and pay from their bank accounts, IATA will receive real-time confirmation of payment, facilitating easy reconciliation with end-of-day reports. 

Boris Chan, Managing Director, Head of Global Transaction Services, Institutional Banking Group, DBS (Hong Kong) Limited, said, “The payments landscape has been rapidly evolving to cater to increasing demands from corporates and consumers. IATA Pay is one of the few solutions that benefits both sides by enabling cost savings and financial inclusiveness – which are particularly beneficial to smaller airline players and communities with limited access to credit cards. We look forward to partnering IATA to scale the adoption of IATA Pay in more geographies in the coming year.”

Javier Orejas, Global Head of Banking and IATA Pay, said, “IATA Pay is committed to leveraging developments in payments solutions to meet the needs of the airline industry and air travelers. We are excited to partner with DBS, which has created a seamless payment solution for these markets.”

DBS’ digital engineering approach for IATA Pay focused on the association’s immediate requirements, with a clear view of their longer-term aspirations, while leveraging the bank’s deep insights in the payments and consumer space. The emphasis was on understanding the customer journey, and then developing a prototype to bring the consumer experience to life. This process was tailored and applied to various payment methods in Hong Kong, Singapore and Indonesia.

[1] Germany, UK, Austria, Belgium, Finland, Italy, Netherlands, Portugal, Spain, Finland, Latvia, Lithuania, Estonia, Ireland, Luxemburg, Honk Kong, India, Thailand, Brazil and Mexico.
[2] EdgarDunn, “Airline Payment Cost and Revenue Drivers Study”
[3] DBS MAX is DBS’ end-to-end cashless collections solution

 

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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.