To use DBS MAX, customers scan the merchant's FPS QR code and pay in real-time via their own mobile banking apps.

DBS says the system not only makes payment reconciliation easier, it also eliminates the need for physical payment terminals an reduces the costs and risks associated with handling cash.

The app has been trailed at 10 firms, across a range of sectors, including retail and food and beverage.

Jason Bow, from soup delivery firm Soup BB, says: "DBS understands our current business model and offers us with a cashless solution, DBS MAX. 

"It helps us to provide seamless customer experience and increase our margin. All we need is to install the app, and our delivery team can collect the payment on delivery via their mobile phones anywhere."