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Friday, June 21, 2024

Digital Tokens for Safe and Seamless Banking Experience

Mobile banking applications are today designed to provide unique features to help users access all the services online. A digital token is one of a kind to help you with seamless online banking. Undoubtedly, internet banking is becoming more convenient, safer, and of course, hassle-free with enhanced services like a digital token.

Get to know what is a digital token

A digital token, unlike a physical token, is built into a digital banking app on the user’s mobile phone. This soft token will help authenticate your bank transactions, offering secure and seamless shopping, payments, and fund transfers. You don’t have to carry any device with a physical token and replace it after five or more years when the battery runs out. 

How can a digital token help you?

Most banks, like DBS, are accelerating their digital transformation to provide stress-free banking. A digital token helps verify your mobile banking, eNets (D2Pay), and eCommerce transactions with just a tap. Here are some reasons for using a digital token.

Provides convenience and enhanced customer experience

Unlike a physical token, a digital token is available virtually on your smartphone so that you can authenticate daily financial transactions with a tap on your mobile banking app. There is no need to carry a physical token, and if you accidentally misplace the device, you won’t be able to access the mobile banking services. 

With the token digitalized and integrated into the banking app, you don’t have to fret about misplacing or leaving it at home when you travel for work. A digital token offers more convenience by being able to access it on your smartphone. You don’t have to worry about the physical security device running out of battery or getting phased out when travelling. 

Moreover, the one-time password (OTP) is instantly generated on a digital token, unlike the OTP you receive via SMS, which takes some time. Hence, authentication of transactions is quicker with a digital token. 

Can be easily set up and used

You can use a digital token in a jiffy, as you can set it up within minutes of launching your banking app. For instance, you can set up the DBS digital token with three simple steps:

  • Verify your email
  • Enter the email OTP, and
  • Enter the SMS OTP

You have set up the digital token. You will receive a notification to authenticate every banking transaction on your smartphone. You can now assure that your money transactions are secured. Don’t forget to enable push notifications to enjoy this seamless banking service. When the notification appears, all you need to do is to tap it to approve or reject the transaction.

Offers high security and peace of mind

With OTPs received through SMS, there is a chance that you may wrongly type them. It is not the case with a digital token, in which you don’t have to use the OTP to authenticate a transaction. There is no chance of somebody intercepting your OTP. Moreover, digital token registration and usage are allowed to a specific user and mobile device, which enhances security.

By encrypting each authentication received or sent, you have an additional layer of security on a digital token, which makes it very difficult for any malicious intruder to intercept.

Is environmentally friendly

A digital token is safe for the environment with no manufacturing and packaging process. Unlike a physical token, which has a heavy carbon footprint owing to various processes involved in producing it, a digital token is a virtual application. By using it, you are contributing toward a greener and more sustainable future.


Most banks, including DBS, are putting a concerted effort to encourage their customers to shift to digital tokens to save the environment for the future generation.

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