DBS Launches Blockchain Digital Vouchers with Programmable Rewards
DBS Launches Innovative Programmable Rewards System in Singapore
Introduction to Programmable Rewards
DBS Bank has unveiled its latest offering, Programmable Rewards, a cutting-edge digital voucher system that leverages smart contracts and the bank’s proprietary blockchain technology. This new feature is now accessible via the DBS PayLah! application.
Extensive Acceptance Network
The Programmable Rewards can be utilized at over 40,000 NETS QR payment locations throughout Singapore, including a variety of small and local businesses. This initiative aims to enhance the shopping experience for consumers while supporting neighborhood merchants.
Integration with DBS Token Services
This new solution is part of DBS Token Services, which incorporates tokenization and smart contract functionalities into the bank’s transaction banking services. It empowers organizations to create and manage digital vouchers with specific criteria, such as eligibility for merchants and timeframes for validity.
Automated Verification and Payment Processing
The conditions set for these vouchers are automatically validated at the point of sale, ensuring a seamless transaction process. Payments are facilitated through existing systems like NETS, which simplifies the processes of settlement and reconciliation.
Special Promotions for Cardholders
As part of the launch, both DBS and POSB credit cardholders can exchange DBS Points or POSB Daily$ for DBS Rewards Flexi eVouchers through the PayLah! app. These vouchers are redeemable at any merchant displaying a valid NETS QR code with the SGQR label.
Limited-Time Cashback Offer
From August 1 to September 30, 2025, customers who redeem 6,000 DBS Points for a S$60 voucher will receive an additional S$60 cashback as part of the SG60 promotional campaign.
Connection to Project Orchid
This product builds on DBS’s involvement in Project Orchid, a long-term initiative led by the Monetary Authority of Singapore that explores the concept of programmable money and the potential for a digital Singapore dollar. DBS has previously tested programmable government vouchers and business grant distributions in collaboration with public agencies.
Insights from DBS Leadership
Han Kwee Juan, the Group Head of Institutional Banking at DBS, remarked, “Programmable Rewards exemplifies the capabilities of our unified banking approach. By merging our consumer and institutional banking services with smart contracts and blockchain technology, we have developed a transformative platform that allows for the rapid launch and scaling of digital voucher programs. This platform connects millions of consumers with a wide array of merchants across Singapore, creating a robust ecosystem for meaningful digital interactions. Programmable Rewards is an exceptionally adaptable solution.”
Conclusion
DBS’s introduction of Programmable Rewards marks a significant advancement in the digital payment landscape in Singapore, promising to enhance consumer engagement and support local businesses through innovative technology.
Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik.
