OCBC customers will be able to use their OCBC Digital app to easily pay UnionPay QR-enabled merchants in 47 markets, including Singapore, starting Aug. 4, 2023.
Customers who are travelling can use this feature to make retail payments in other markets like Malaysia, Thailand, Hong Kong and China without the need to download, set up and fund third-party payment apps.
Payments are made directly from customers' OCBC Singapore accounts through the OCBC Digitial app.
Customers can see the exchange rate on the app before they confirm their transactions.
There are also no additional fees or charges.
The daily transaction limit is S$1,000, sufficient for the everyday traveller's expenses, said OCBC.
The feature will be especially helpful in places where merchants rarely accept payment cards or cash.
How to use
OCBC customers only need to log into their OCBC Digital app and tap "Scan & Pay".
After entering the local currency amount, they will be presented with a payment review page which indicates the live currency exchange rate.
Then, the only thing left to do is to authorise the payment.
This method above is known as the "merchant present mode", where the merchant presents a QR code for the OCBC customer to scan.
Come September OCBC will roll out a "customer present mode" on its OCBC Digital app.
In this mode, OCBC customers can generate a QR Code which merchants using UnionPay’s QR code system can scan and receive the payment from the customer.
Digital payments are way forward
This scan-and-pay feature results from an agreement signed between OCBC and Union Pay International in April 2023.
It is the latest cross-border payment collaboration for OCBC.
OCBC's Head of Global Consumer Financial Services, Sunny Quek, pointed out that "digital payments are the way forward" and they believe OCBC customers will appreciate this "seamless payment method".
"This tie-up will be especially beneficial to our customers who are travelling to Mainland China for work or pleasure. We expect QR payments to be the primary mode of payment for retail purchases of smaller value."
Top photos: OCBC, Goldstar Showroom Jamal.