Heartland businesses see 40% boost in weekend earnings via PayLah! as consumers increasingly go cashfree
Singapore.13 Oct 2024
Wet market stallholders get the biggest boost in earnings, with number of customers tripling and total customer spend nearly doubling
Over one million cashback rewards and discounts have been redeemed, with 39% by senior citizens or those earning less than SGD 2,500 a month
POSB is extending digital literacy efforts to heartland merchants through pilot outreach programme
Singapore, 13 Oct 2024 - Consumers are increasingly going cashfree and choosing to scan-to-pay at their neighbourhood merchants. Heartland merchants, wet market and hawker stall owners have seen a 40% boost in their weekend earnings via PayLah! transactions since POSB launched its Support Our Heartlands initiative in August 2024.
(From left) Chee Hong Tat, Minister for Transport and Second Minister for Finance, and Adviser to Bishan-Toa Payoh Grassroots Organisations, and Han Kwee Juan, DBS Singapore Country Head, posing with a wet market stallholder at the POSB 'Your Neighbourhood Getai' event at Toa Payoh West Market and Food Centre.
The POSB 'Support Our Heartland Shops' wobbler and PayLah! 'Scan to Pay' sticker displayed at over 22,000 participating stalls across the island.
Wet market stallholders are getting the biggest uplift – the number of customers who used PayLah! at their stalls more than tripled, and total customer spend has nearly doubled.
The Support Our Heartlands initiative offers over two million cashback rewards and discounts[1] from August to December 2024 for purchases at more than 22,000 heartland shops, wet markets, hawker stalls, as well as at Sheng Siong supermarkets. To date, customers have redeemed more than one million cashback rewards for their meals, groceries, household products, and other everyday items. Among those who redeemed the cashback rewards, 39% were senior citizens and/or earning less than SGD 2,500 a month.
Minister Chee and Han Kwee Juan, alongside the bank’s People of Purpose volunteers, engaging with a heartland merchant. This is part of the bank’s newly launched, volunteer-led outreach programme aimed at supporting merchants on their digitalisation journey.
To get more heartland merchants to adopt digital payments, the bank is piloting a door-to-door merchant outreach programme in selected neighbourhoods, with volunteers from among its employees engaging merchants on digital literacy topics. Over the past month, three sessions were held, with around 50 volunteers reaching out to more than 100 merchants. The bank plans to expand the programme to more neighbourhoods in 2025, helping more small businesses thrive in an increasingly digital economy.
"We’re very encouraged by the early results of the Support Our Heartlands initiative. Many customers – including seniors and low-income individuals – have benefitted, while heartland merchants and wet markets have also seen a boost to their businesses,” said Han Kwee Juan, DBS Singapore Country Head. “The positive response to our volunteer-led merchant digital literacy pilot programme has been equally heartening, with many of our People of Purpose volunteers across the bank coming together to help merchants in their digitalisation journey. POSB Support Our Heartlands offers more than cashback rewards—it’s about rallying support for heartland businesses and fostering a stronger sense of community. We remain committed to finding more ways to enhance the vibrancy of our neighbourhoods."
The districts with the most cashback redemptions on Saturdays are Serangoon, Hougang, Sengkang, Punggol, Jurong, Queenstown, and Tiong Bahru.
Mdm Quek, aged 63, who has been running Ah Kiat Fresh Fish Stall at Tampines Round Market for over 40 years, said: "PayLah! has made things a lot more convenient for my business. The younger ones like that they can use it instead of cash, and even the older customers are getting quite good at using it to pay. With the POSB SGD 3 cashback promotion on Saturdays, it’s been great for business, with customers coming in as early as 6 or 7am to take advantage of it."
(From left) Minister Chee, Han Kwee Juan, and Sharon Tan, Chief Operating Officer of DBS Singapore, interacting with participants at the onsite digital literacy workshop. To date, the bank, in partnership with IMDA, has conducted over 600 sessions, benefitting more than 110,000 participants.
Minister Chee performing popular Hokkien song, ‘春夏秋冬’, at the POSB 'Your Neighbourhood Getai' event at Toa Payoh West Market and Food Centre, which drew over 250 participants.
The positive results of the "Support Our Heartlands" campaign were shared at a POSB Your Neighbourhood Getai event held at Toa Payoh West Market and Food Centre on 13 October 2024. Minister for Transport and Second Minister for Finance Chee Hong Tat, who is also Adviser to Bishan-Toa Payoh Grassroots Organisations, joined in the activities which combined Getai entertainment with digital literacy and anti-scam education for seniors. Since its launch in mid-2023, POSB has already held eight shows under this series, reaching over 3,000 senior participants.
[1] Every Saturday – Up to SGD 3 cashback for the first 75,000 people who scan to pay with PayLah! at over 22,000 participating heartland shops, wet markets and hawker stalls. Participating heartland shops and wet market stalls will display the ‘POSB Support Our Heartland Shops’ wobbler. Hawker stalls will display the PayLah! Scan to Pay sticker and have to be SGQR code-enabled. Any day of each month – SGD 3 off eggs and SGD 3 off rice at any Sheng Siong supermarket for consumers who use POSB credit/debit cards to purchase the essential items, capped at the first 50,000 redemptions for each essential item per month.
About POSB
A part of the DBS Group, POSB is the largest and oldest local bank in Singapore with over four million customers. Having served generations of Singaporeans for the past 147 years, it is known as the "People’s Bank", and prides itself on being "neighbours first, bankers second".
POSB takes pride in supporting the community's everyday needs and helping individuals, families, and businesses to become better savers. It stands at the forefront of change by providing pioneering financial solutions and services - across savings, borrowing, investment and insurance - that cater to the evolving needs of Singaporeans.
As a trusted member of the community, it is also committed to giving back to and standing alongside Singaporeans. From inculcating healthy financial habits to promoting digital literacy, POSB seeks to enrich neighbourhoods and uplift the community.
For more information, please visit www.posb.com.sg.
(From left) Chee Hong Tat, Minister for Transport and Second Minister for Finance, and Adviser to Bishan-Toa Payoh Grassroots Organisations, and Han Kwee Juan, DBS Singapore Country Head, posing with a wet market stallholder at the POSB 'Your Neighbourhood Getai' event at Toa Payoh West Market and Food Centre.
The POSB 'Support Our Heartland Shops' wobbler and PayLah! 'Scan to Pay' sticker displayed at over 22,000 participating stalls across the island.
The Support Our Heartlands initiative offers over two million cashback rewards and discounts[1] from August to December 2024 for purchases at more than 22,000 heartland shops, wet markets, hawker stalls, as well as at Sheng Siong supermarkets. To date, customers have redeemed more than one million cashback rewards for their meals, groceries, household products, and other everyday items. Among those who redeemed the cashback rewards, 39% were senior citizens and/or earning less than SGD 2,500 a month.
Minister Chee and Han Kwee Juan, alongside the bank’s People of Purpose volunteers, engaging with a heartland merchant. This is part of the bank’s newly launched, volunteer-led outreach programme aimed at supporting merchants on their digitalisation journey.
"We’re very encouraged by the early results of the Support Our Heartlands initiative. Many customers – including seniors and low-income individuals – have benefitted, while heartland merchants and wet markets have also seen a boost to their businesses,” said Han Kwee Juan, DBS Singapore Country Head. “The positive response to our volunteer-led merchant digital literacy pilot programme has been equally heartening, with many of our People of Purpose volunteers across the bank coming together to help merchants in their digitalisation journey. POSB Support Our Heartlands offers more than cashback rewards—it’s about rallying support for heartland businesses and fostering a stronger sense of community. We remain committed to finding more ways to enhance the vibrancy of our neighbourhoods."
The districts with the most cashback redemptions on Saturdays are Serangoon, Hougang, Sengkang, Punggol, Jurong, Queenstown, and Tiong Bahru.
Mdm Quek, aged 63, who has been running Ah Kiat Fresh Fish Stall at Tampines Round Market for over 40 years, said: "PayLah! has made things a lot more convenient for my business. The younger ones like that they can use it instead of cash, and even the older customers are getting quite good at using it to pay. With the POSB SGD 3 cashback promotion on Saturdays, it’s been great for business, with customers coming in as early as 6 or 7am to take advantage of it."
(From left) Minister Chee, Han Kwee Juan, and Sharon Tan, Chief Operating Officer of DBS Singapore, interacting with participants at the onsite digital literacy workshop. To date, the bank, in partnership with IMDA, has conducted over 600 sessions, benefitting more than 110,000 participants.
Minister Chee performing popular Hokkien song, ‘春夏秋冬’, at the POSB 'Your Neighbourhood Getai' event at Toa Payoh West Market and Food Centre, which drew over 250 participants.
[1] Every Saturday – Up to SGD 3 cashback for the first 75,000 people who scan to pay with PayLah! at over 22,000 participating heartland shops, wet markets and hawker stalls. Participating heartland shops and wet market stalls will display the ‘POSB Support Our Heartland Shops’ wobbler. Hawker stalls will display the PayLah! Scan to Pay sticker and have to be SGQR code-enabled. Any day of each month – SGD 3 off eggs and SGD 3 off rice at any Sheng Siong supermarket for consumers who use POSB credit/debit cards to purchase the essential items, capped at the first 50,000 redemptions for each essential item per month.
About POSB
A part of the DBS Group, POSB is the largest and oldest local bank in Singapore with over four million customers. Having served generations of Singaporeans for the past 147 years, it is known as the "People’s Bank", and prides itself on being "neighbours first, bankers second".
POSB takes pride in supporting the community's everyday needs and helping individuals, families, and businesses to become better savers. It stands at the forefront of change by providing pioneering financial solutions and services - across savings, borrowing, investment and insurance - that cater to the evolving needs of Singaporeans.
As a trusted member of the community, it is also committed to giving back to and standing alongside Singaporeans. From inculcating healthy financial habits to promoting digital literacy, POSB seeks to enrich neighbourhoods and uplift the community.
For more information, please visit www.posb.com.sg.
