- DBS has introduced a programmable rewards system using blockchain-enabled e-vouchers.
- The new system integrates with the DBS PayLah! app, which serves 2.9 million users.
- Customers can convert rewards points into blockchain-based eVouchers, with special promotional cash back offers available initially.
- The vouchers use smart contracts, allowing for automated tracking and conditions tied to usage.
- This initiative aligns with Singapore’s ongoing digital currency efforts and may expand to employee rewards and government programs.
DBS, Singapore’s largest bank, has launched a new rewards program that uses blockchain technology to issue programmable e-vouchers. The new system is available through the bank’s popular DBS PayLah! app, enabling users to redeem vouchers powered by smart contracts at over 40,000 merchant outlets across Singapore.
The bank’s 2.9 million app users can now convert their loyalty points into digital vouchers. A promotional campaign is offering additional cash back for a limited time when users make these conversions.
Smart contracts allow the digital vouchers to function with specific conditions, such as being redeemable at selected stores or during set time periods. According to Han Kwee Juan, Group Head of Institutional Banking at DBS, “By integrating our consumer and institutional banking capabilities with smart contracts and blockchain technology, we have created a transformative platform to rapidly launch and scale digital voucher programmes.” He added, “This platform’s extensive reach, connecting millions of consumers with a vast network of merchants across Singapore, establishes a powerful ecosystem for impactful and scalable digital interactions.”
The vouchers comply with Singapore’s most common QR payment standards, making the distribution process seamless for retailers and customers. This technology enables easy transaction tracking and automated settlements through Singapore’s NETS payment system, potentially reducing the costs associated with managing rewards programs.
Beyond marketing initiatives, DBS is considering using the system for internal employee incentives and government projects. The bank’s approach fits into Singapore’s larger digital currency goals and leverages years of government support for “Purpose Bound Money” (PBM). PBM allows money to carry digital wrappers with embedded conditions, unwrapping only when specific requirements are met.
DBS’s reward program is part of its broader China-11702962133976.html”>tokenization initiative, using a permissioned blockchain. While other ventures have tried similar blockchain-based rewards—including ICE’s Bakkt, which eventually closed its consumer app—analysts note the difference with DBS is their integration within an established major banking app.
Some parts of the programmable rewards market have not found wide adoption, but this move positions DBS to reach both consumers and merchants more effectively by embedding blockchain technology within existing payment systems.
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