Wise announces the launch of its “Scan-to-Pay” feature in Singapore, allowing users to make QR code payments directly through the app. This move reflects Wise’s commitment to enhancing the payment experience for users and facilitating seamless transactions, with plans to expand the feature globally in the future.
7 March 2024 – Singapore is set to become the inaugural destination for Wise’s latest payment innovation as the fintech giant announces the upcoming launch of its “Scan-to-Pay” feature. Through a direct integration with the PayNow network, Wise app users will soon have the convenience of scanning QR codes to make payments at thousands of merchants across the city-state, marking a significant advancement in digital payment solutions.
Wise’s foray into the Singaporean market with its scan-to-pay functionality represents the first step in its global rollout strategy, with plans to extend this feature to other markets in the near future. This move underscores Wise’s commitment to enhancing the payment experience for its users and facilitating seamless transactions across borders.
Similar to other multi-currency payment applications, the process involves deducting funds from the user’s Wise account, whether from their Singapore dollar balances or converted from other currencies at the prevailing mid-market rate. The app provides transparency by displaying any applicable fees and the final payment amount before the transaction is confirmed, ensuring a clear and straightforward payment experience for users.
Shrawan Saraogi, Wise’s Asia-Pacific head of expansion and Singapore country manager, emphasized the significance of this initiative in catering to the diverse payment needs of visitors to Singapore, particularly in locations like hawker centres where cashless payment options are increasingly sought after. With the dominance of QR code payments in certain establishments, Wise’s integration with the PayNow network opens up new avenues for users to make seamless payments at various merchants across the city.
The introduction of Wise’s scan-to-pay feature aligns with the broader trend of non-bank financial institutions leveraging the PayNow system to enhance their e-wallet offerings. This move comes on the heels of other initiatives in the region, such as China’s Ant Group enabling QR e-payments via Alipay+ at numerous establishments in Singapore, further underscoring the growing importance of digital payment solutions in the region’s retail landscape.
As Wise continues to expand its presence in the Asia-Pacific region, particularly in Singapore, the launch of the scan-to-pay feature represents a strategic move to bolster its payment business alongside its core remittance activities. With a growing workforce and increased investment in product development and compliance, Wise is poised to capitalize on the rising demand for cross-border payment solutions and digital banking services in the region.
Looking ahead, Wise remains committed to enhancing its platform to meet the evolving needs of its users, including potential adjustments to accommodate recent regulatory changes aimed at expanding e-wallet usage limits in Singapore. As the digital payments landscape continues to evolve, Wise stands at the forefront, driving innovation and transforming the way people transact in an increasingly digital world. – ref: The Strait Times
