Singaporean lender DBS Bank has inked a memorandum of understanding with China’s UnionPay International, enabling DBS PayLah! users to use their wallet for cross-border QR code payments abroad.
With the alliance, the DBS PayLah! mobile wallet will be accepted at around 10 million UnionPay QR code merchants.
Go deeper with GlobalData
The partnership will cover 24 countries, including China, Australia, Malaysia, Japan, South Korea, Thailand as well as the US.
DBS wealth management and consumer banking group head Tan Su Chan said: “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.”
The latest partnership comes two months after Singaporean payments services group NETS teamed up with UnionPay International to enable overseas payments.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
