This product enables Internet Banking users to make
a payment from their bank account on a real-time basis.
As no credit cards are involved, this product is useful
if you are targeting the younger segment that is ineligible
for credit cards. Also, this product is good if you are
selling goods or services that are particularly prone
to credit card fraud, for example, online software downloads.
Direct debit requires the consumer to authenticate himself
using his Internet Banking PIN, UserID and token and this
greatly reduces the risk of fraud.
At present all Internet Banking users of DBS/POSB, OCBC, UOB or Citibank accounts account can pay via Direct Debit. This translates to a coverage of more than 90% of the total Singapore Internet Banking users. |
