DBS is making it easier for users in Singapore to fund Weixin Pay wallets for everyday payments in China.
Singaporeans, Permanent Residents and foreigners residing in Singapore can now use DBS Remit through digibank to transfer funds to Weixin Pay, the digital RMB wallet available in the Weixin and WeChat apps.
Users must verify their passports in the app before making the transfers.
The feature follows the February launch of DBS Remit transfers to Weixin Pay e-wallets for accounts linked to identification documents from China, Hong Kong and Macau.
Since then, the number of customers using DBS Remit to fund their Weixin Pay wallets has quadrupled, while transaction volumes have grown eightfold.
Average transfer amounts have also risen to more than S$800.
The feature is relevant to users travelling, studying or working in China, where digital wallets are widely used for payments, transport bookings, food ordering and other everyday services.
While users can link credit cards to digital wallets, some transactions above certain thresholds may incur additional fees.
Funding Weixin Pay through DBS Remit allows users to avoid these additional platform transaction fees.
P’ing Lim, Regional Head of Ecosystems and Cross Border Payments, Consumer Banking Group at DBS Bank, said,
“The robust double-digit growth of DBS Remit transfers to digital wallets in China shows that our customers value the ease and simplicity of using channels they already know and trust.
We believe that this latest enhancement is another step towards making cross-border experiences feel more local and intuitive for travellers, as well as those studying and working abroad.”
DBS has also recorded growth in regional scan-to-pay and cross-border payment linkages across India, Indonesia, Malaysia and Thailand.
Featured image: Edited by Fintech News Singapore, based on image by tsyhun via Magnific
