UnionPay QR code payment will be available to Singapore customers this year
UnionPay QR Code payments will be deployed across all AsiaMalls malls2017-11-27
Chief executive officer of UnionPay International Cai Jianbo (2nd right), Bank of China executive vice-president Ren Deqi (4th right), Singapore Press Holdings deputy chief executive officer Anthony Tan (3rd left), Minister Counsellor of Economic and Commercial of China Embassy in Singapore Zheng Chao (3rd right) attended the ceremony
UnionPay International announced today to have cooperated with Bank of China Singapore Branch (BOCSG) in launching the BOCSG e-wallet app within this year, enabling UnionPay cardholders to make QR Code payments after adding UnionPay credit cards to the app. UnionPay International and BOCSG also collaborate with Lianhe Zaobao in launching the BOC Zaobao Card and the BOC Zaobao Debit Card, bringing greater savings and convenience to the local customers. Chief executive officer of UnionPay International Cai Jianbo, Bank of China executive vice-president Ren Deqi, Singapore Press Holdings deputy chief executive officer Anthony Tan, Minister Counsellor of Economic and Commercial of China Embassy in Singapore Zheng Chao attended the ceremony.
UnionPay International also partner with AsiaMalls Management to launch UnionPay QR Code payments across all six malls of the latter.
“UnionPay QR Code payments have already been launched in Hong Kong and Macau. This time, we made another major breakthrough in Singapore, which not only demonstrates that UnionPay is accelerating the rollout of our QR Code payments worldwide, but also shows that innovation has become a significant impetus for the localized development of Chinese financial institutions that have gone abroad,” CEO of UnionPay International Cai Jianbo said, we choose to promote UnionPay QR Code payments first in everyday spend merchants to meet the diverse payment demands of Chinese individual tourists while laying a foundation for the localization of our business in Singapore. We also collaborate with issuers in various and flexible ways to make UnionPay QR Code payments available to more customers outside mainland China.
UnionPay accelerates the localization of its business in Singapore
Singapore is one of the first Southeast Asian countries that UnionPay has made a presence. Now, UnionPay is accepted at almost all ATMs and 90% of POS terminals there, covering department stores, tourist attractions, cinemas, gas stations and taxies. And UnionPay cards are accepted at all local supermarkets. As it is increasingly convenient to use UnionPay cards in Singapore, four local banks have issued multiple UnionPay card products, and more and more local customers are signing up for and using UnionPay cards.
BOCSG is the No.1 issuer of UnionPay credit cards in Singapore. Based on the solid cooperation foundation, UnionPay International and BOCSG further partner with Lianhe Zaobao, the Chinese flagship newspaper of Singapore Press Holdings, to launch the BOC Zaobao Card and the BOC Zaobao Debit Card. The BOC-Zaobao Credit Card is the first diamond credit card equipped with UnionPay’s QuickPass contactless feature that has ever been issued in Singapore. Cardholders can make contactless payments seamlessly with a simple tap-and-go move at more than 10 million merchants around the world, while enjoy 20%-off discounts on Lianhe Zaobao and other SPH subscriptions, and a variety of cash rebates on petrol and dining.
The BOC Zaobao Credit Card will also be compatible with the BOCSG e-wallet app, enabling cardholders to make QR code for payments. The BOCSG e-wallet app is jointly developed by UnionPay and BOCSG. It will be compatible with UnionPay credit cards first, then with UnionPay debit cards, and evolve into a comprehensive payment app with multiple functions such as marketing promotion, card sign-up and card using promotion.
UnionPay QR Code payments expands globally
Compared with other QR Code payments products available now, UnionPay QR Code payment is interoperable globally for it is compliant with the industry standard of the EMVCo QR Code Specification, and is safer by adopting the Token technology. The launch of the BOCSG e-wallet app means that the overseas layout of UnionPay QR Code payments has evolved from serving Chinese tourists to serving the local customers.
Singapore customers will be able to make QR Code payments at the local BreadTalk, Lady M and Itacho Sushi, as well as over 3 million merchants in the Chinese Mainland, Colourmix in Hong Kong and more than 100 restaurants in Macau. Since next year, six malls of AsiaMalls Management, namely Hougang Mall, Liang Court, TiongBahru Plaza, Tampines 1, White Sands and Century Square, will support UnionPay QR Code payments.
“We are able to establish the acceptance of UnionPay QR Code on a sizeable scale in Singapore for cross-border payment by leveraging on AsiaMalls’ strong footprint in the local retail industry, offering the same seamless mobile payment experience to Chinese tourists both in Singapore and in China. It also facilitates the launch of e-wallet products by BOCSG and other local issuers while accelerating building more local application scenarios and promoting platforms,” said Cai Jianbo. In the future, the QR Code for payment will also have the function of discount code, with which customers are able to make payments and enjoy discounts with just one scan of the QR Code.
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