Dynamic Banking Systems Introduces Blockchain-Based Vouchers for Customizable Rewards System
DBS Launches Blockchain-Enabled Digital Voucher Service
DBS Bank has introduced a new service called Programmable Rewards, a blockchain-enabled digital voucher system integrated into the DBS PayLah! app. This innovative platform automates and streamlines voucher issuance and redemption, making it easier for businesses and consumers to engage digitally.
The Programmable Rewards service is part of DBS Token Services, which enhances transaction banking by incorporating tokenisation and smart contract capabilities. This allows organisations to create, issue, and manage vouchers flexibly and at scale, with the vouchers usable at over 40,000 NETS QR-enabled merchant points across Singapore, including small neighbourhood businesses.
One of the key features of Programmable Rewards is the ability to embed smart contracts and programmable logic into the vouchers. These vouchers have programmable conditions such as specific merchant eligibility and expiry dates, which are automatically verified in real time at the point of transaction. Payments are then processed seamlessly using Singapore’s existing NETS QR infrastructure, enabling effortless settlement and reconciliation without manual intervention.
By leveraging blockchain and smart contracts, DBS aims to expand the use of digital vouchers, reduce friction in voucher programs, and enable new customer experiences. The integration with established payment rails like NETS further simplifies adoption by avoiding the complexities of new payment systems.
Notably, Programmable Rewards builds on DBS’s broader initiatives such as Project Orchid, which explores programmable money and digital currencies, reflecting the bank’s commitment to digital transformation and innovation in financial services. DBS is also participating in Project Orchid, a digital finance initiative led by the Monetary Authority of Singapore, exploring programmable money and the potential future implementation of a digital Singapore dollar.
DBS and POSB credit cardholders can convert their loyalty points into these smart vouchers, extending rewards utility widely across the retail ecosystem. The service is a product of DBS Token Services, which enhances the bank's transaction banking offerings.
In addition, DBS has collaborated with public sector entities to pilot programmable government vouchers and targeted business grant disbursements, gaining experience in applying blockchain solutions to real-world financial challenges. The Programmable Rewards platform is being positioned as a versatile and scalable solution capable of supporting various voucher-based applications, including promotional campaigns and public sector disbursements.
However, it is important to note that the Programmable Rewards platform is not mentioned as being integrated with the earlier stated SG60 promotion or DBS Rewards Flexi eVouchers. No new information about the operational status or accessibility of the Programmable Rewards platform beyond the existing details provided has been disclosed. Similarly, no new information about the ability for organisations to create and manage digital vouchers with specific usage parameters or the real-time verification of redemptions has been released.
- The Programmable Rewards service, a blockchain-enabled digital voucher system launched by DBS Bank, allows for real-time verification of redemptions and automatic verification of programmable conditions such as specific merchant eligibility and expiry dates.
- By leveraging technology like blockchain and smart contracts, DBS's Programmable Rewards service aims to expand the use of digital vouchers in finance, business, and daily transactions, offering a more streamlined and efficient method for organizations to create, issue, and manage vouchers.
