Today, DBS Bank announced that it has signed a Memorandum of Understanding (MoU) with UnionPay International to enable more than one million DBS PayLah! users to use the mobile wallet overseas for cross-border QR code payments.
Once the MoU is set in place, PayLah! users will be able to make payment at close to 10 million UnionPay QR code merchants in 24 countries and regions, including popular destinations like Japan, Korea, Thailand, Australia, China, Malaysia, and the USA.
According to Singstat, Singaporeans made over 9.8 million trips overseas in 2017 alone.
Said Tan Su Shan, Group Head of DBS Wealth Management and Consumer Banking: “Being able to pay internationally using DBS PayLah! QR codes brings us one step closer to our vision of providing a truly universal mobile wallet that can meet consumers’ everyday needs, even while they’re overseas.”
“With QR code payments gaining in popularity across Singapore – we record some 1.2 million QR code transactions in Singapore each month – and its ubiquity across China, and increasingly across Asia, the agreement will provide endless cross-border synergies for DBS PayLah! users and UnionPay customers alike.”
Added Wenhui Yang, General Manager, UnionPay International Southeast Asia: “UnionPay is delighted to extend our collaboration with DBS Bank to enable cross-border QR code payments for DBS PayLah! users. We are committed to continue introducing innovative payment services like QR Code for payments in Singapore, adding value and enhancing payment experiment for local consumers.”
Earlier in September, UnionPay also partnered Nets to enable consumers to use the NetsPay mobile app at more than 7.5 million UnionPay QR code merchants and close to 12 million UnionPay QuickPass contactless points worldwide for payment.
Featured Image Credit: Reuters
