DBS Bank will no longer be using its physical tokens from April 1, 2021.
About 90% already going digital
This is part of the bank’s plan to make banking more seamless with digital tokens.
In a report by Channel NewsAsia, DBS said that about 90 per cent of all logins involve DBS’s digibank mobile app, which has the digital token embedded in the app.
A digital token will replace all SMS OTPs or authentication with the use of a mobile phone.
The digital token can be used for digibank online, eNets and eCommerce transactions.
According to its website, DBS will stop issuing physical tokens from Feb. 1, 2021.
Where to dispose physical tokens
Users will need to set up a digital token to log in to digibank online and mobile services to authenticate bank transactions.
Those who may want to dispose of the physical token can do so at e-waste collection points across Singapore.
You can find a list of e-waste collection points here.
Top image from Google Maps.