DBS inks MOU with UnionPay International
Consumers will soon be able to use DBS PayLah! overseas, at close to 10 million UnionPay QR code merchants across 24 countries and regions
Singaporeans are among the most well-travelled in the world with over 9.8 million overseas trips made in 2017 alone[1]. With this partnership, users of Singapore’s most popular mobile wallet DBS PayLah! will see an exponential growth in the number of payment acceptance points across the world.
Said Tan Su Shan, Group Head of DBS Wealth Management and Consumer Banking, “Our partnership with UnionPay International marks an exciting development for the future of e-payments in Singapore. 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.”
Wenhui Yang, General Manager, UnionPay International Southeast Asia said: “As a global payment brand that connects businesses, consumers and financial institutions through digital payments across 170 countries and regions, 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. DBS PayLah! users can simply travel with their mobile wallet to make seamless and convenient QR Code payments overseas without the hassle of exchanging foreign currencies in the future.”
[1] http://www.tablebuilder.singstat.gov.sg/publicfacing/createDataTable.action?refId=15301
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About DBS
DBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for ten consecutive years from 2009 to 2018.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 26,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
About UnionPay International
UnionPay International (UPI) focuses on the international business of UnionPay, a global payment network that serves the world’s largest Cardholder base. With over 7 billion UnionPay cards issued in 49 countries and regions, over 51 million merchants and 2.6 million ATMs accepting our cards in 170 countries and regions, UnionPay is currently one of the fastest-growing payment networks in the world.
As a company with a global acceptance network and a wide range of world-class payment services, UnionPay is committed to providing access to value and secure payment solutions that are tailored to the needs of the local market, to enable choice and ease of payment for consumers and businesses alike.
In Southeast Asia, UPI has enabled ATM, POS acceptance and card issuance across all 10 countries. For more information, visit www.unionpayintl.com/en.