, Singapore

UOB launches QR-code payments for cash-on-delivery

It aims to reduce fraud risks for corporates, of which two-thirds still receive cash from buyers.

United Overseas Bank (UOB) has launched UOB mCollect, a QR-based payment collections platform that enables businesses to collect payments via PayNow at the point of delivery, the bank announced.

This will help businesses reduce the risk inherent in handling cash while also improving cash flow and productivity, added UOB.

With UOB mCollect, a QR code is generated on the deliverer’s mobile device for the customer to scan. Payments collected through UOB mCollect are also reconciled automatically, reducing the need for manual processing and cutting down the time needed to manage their account receivables by half.

At present, more than two thirds of UOB’s corporate customers still receive cash payments from buyers who tend to be small businesses, which poses security and fraud risks. “In addition, businesses need to dedicate resources to manage manual processes such as verifying payments collected and reconciling collections against invoices,” the release read.

The UOB mCollect solution can be integrated easily within a company’s existing enterprise resource planning (ERP) solution. For businesses without an ERP solution, UOB mCollect is also accessible as part of UOB BizSmart, the Bank’s integrated digital solution suite that helps companies manage core business processes.

Food processing, packaging, and distribution company Boong Food, a company under Boong Group, is the first to use the platform. The company supplies more than 800 customers in Singapore.

“We make hundreds of deliveries every day. When collecting payment, which is often made by cash, our salespeople have to spend time verifying the amount and payee details and tallying the payments at the end of the day. This manual process not only creates room for human error, but also takes up valuable time and resources,” said Steve Wong, CEO of Boong Group.

“With UOB mCollect, our salespeople can collect payments digitally, streamlining the collection process and reducing the time needed for each delivery. Our finance team also benefits as payments received through UOB mCollect are automatically reconciled against each invoice,” he added.
 

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