OCBC Singapore introduces a seamless payment solution through its OCBC Digital app, allowing customers to make retail payments to UnionPay QR-enabled merchants across 47 markets. The initiative eliminates the need for separate payment apps and currency exchange, providing enhanced convenience for travelers.
3 August 2023 – OCBC Singapore customers are set to experience a new level of convenience while traveling, as the bank introduces a seamless payment feature through its OCBC Digital app. Starting from Friday, customers can initiate retail payments to UnionPay QR-enabled merchants in 47 markets directly from their OCBC Singapore bank accounts. This innovative solution eliminates the requirement for separate payment apps and currency exchange processes typically associated with international trips.
The move is expected to cater not only to the anticipated surge in travel to mainland China, triggered by the recent reinstatement of a 15-day visa-free entry for Singaporeans, but also to provide added convenience for travelers heading to various destinations such as Malaysia, Thailand, and Hong Kong.
Payments will be executed directly from customers’ OCBC Singapore accounts, with a maximum daily transaction limit of $1,000. No additional fees or charges will be incurred, and customers will be presented with the exchange rate on the app before confirming their transactions.
Mr. Sunny Quek, Head of Global Consumer Financial Services at OCBC, highlighted the significance of this collaboration, particularly for customers traveling to mainland China for business or leisure purposes. In September, the OCBC Digital app will further evolve to empower customers to generate QR codes, enabling merchants on UnionPay’s QR code payment system to conveniently process payments.
The app’s forthcoming feature, referred to as the “customer present mode,” will contribute to a smoother payment process for users across various markets, echoing the practice prevalent in mainland China.
The initiative follows an agreement signed between OCBC and UnionPay International in April 2023 and marks the latest stride in OCBC’s efforts to forge cross-border payment partnerships. OCBC’s recent collaborations have extended to Malaysia’s DuitNow QR and Thailand’s PromptPay QR, facilitating peer-to-merchant transactions.
Beyond retail banking, OCBC is also providing its business banking customers the capability to accept UnionPay QR payments through the bank’s OneCollect digital merchant collections solution. The wide adoption of UnionPay QR codes, with over 100 mobile wallets outside mainland China supporting the system, enhances the payment options available for consumers and merchants alike.
As global mobile payment giants WeChat Pay and Alipay open avenues for overseas card integration to cater to the cashless trend in China, OCBC’s innovative solution aligns with the evolving landscape of international payment methods and underscores its commitment to simplifying and enhancing the travel experience for its customers. – source: The Straits Times
