The alliance involves allowing the latter's stored value contactless cards, commonly known as EZ-Link cards, to be topped up at the bank's network of 900 Automated Teller Machines (ATMs) and 560 subsidiary AXS payment kiosks.
The service, which will be rolled out in phases, is currently available at 31 ATMs and all 113 D-Pay enabled AXS stations. An ATM or AXS kiosk with the EZ-Link top-up facility can be identified by the presence of the EZ-Link logo.
The service is scheduled to be available at all DBS and POSB ATMs by June, while all AXS stations will be ready for this service when they are D-Pay enabled by year-end.
Previously, commuters could top-up their cards at self-service kiosks and manned counters located mainly in train and bus stations, and 7-eleven convenience stores.
Convenience
Rajan Raju, managing director and head of consumer banking at DBS, said the upgrade would benefit the bank's customers.
"Providing this EZ-Link card top-up service is part of DBS's continuous effort to enhance the convenience we extend to customers through our network of branches and ATMs," said Raju. "Now, with EZ-Link cards equipped for making motoring and retail payments as well, we foresee the need for greater ease to top-up the cards."
Raju declined to reveal how much the upgrade exercise cost, but described the dollar figure as a large sum.
Nicholas Lee, executive director of EZ-Link, said the S$0.20 per transaction convenience fee for using the service would be waived for one year.
Channel expansion
Currently, more than 10 million EZ-Link cards have been issued to Singapore's population of 4.8 million. EZ-Link is looking to expand the contactless stored value card to retail and government transactions, via the adoption of a local integrated payment card standard.
The standard, the brainchild of the Infocomm Development Authority of Singapore and Land Transport Authority, aims to allow inter-operability of various stored value card payment schemes.
A new generation of EZ-Link cards, which are compliant with the integrated payment card standard, was recently released in Singapore. Holders of these standard-compliant cards will be able to top-up their cards on the DBS and POSB ATM network at a later date.