Digital remittances are very popular in APAC: Visa

Visa, a world leader in digital payments, has found that digital applications as the most popular method for sending and receiving remittances, and ease of use, safety, privacy, and security as the top four user experience benefits driving this preference. 

The results, from Visa's annual Money Travels: 2025 Digital Remittances Adoption Report, are based on responses from 44,000 senders and receivers across 20 countries and territories. The report tracks remittance trends around the world, including Asia Pacific, a key region in the US$905 B* global remittance landscape. 

“Remittances have long driven growth across Asia Pacific, uplifting many economies in the region,” said Chavi Jafa, Senior VP, Head of Commercial and Money Movement Solutions, Asia Pacific, Visa. 

“The clear shift to app-based remittances reflects the region’s demographics, the growing prominence of digital payment modes, as well as user preferences for easy, safe and quick ways to send and receive money. This shift is an important one for banks, remitters and fintechs to note as it will shape how they engage and serve evolving consumer expectations.” 

Source: Visa. Clear inflection point for migration to digital remittances in the Asia Pacific region.

Key findings for Asia Pacific include:

Digital apps remain the most popular and are perceived as the fastest option

· Digital apps are the most-preferred channel to send/receive remittances in Asia Pacific, with usage rates reaching its highest in India (74% to send/76% to receive), the Philippines (74%/66%), and Singapore (70%/75%). 

· Japan is also seeing steady growth, with digital app usage rising by 10% (58%/56%) in 2025 compared to the previous year. 

· Over half of the respondents in the Philippines (73%/73%), Australia (58%/55%), Singapore (67%/66%), and India (55%/53%) perceive digital payments as fastest way to access funds (73%).

· Most Asia Pacific remittance users surveyed report experiencing no issues with sending/receiving digital remittance transfers across all Asian markets, most positively in Australia (48%/53%), Japan (37%/41%), Singapore (36%/37%), and Mainland China (38%/31%, rising significantly since 2024 at +13%/+8%).

Remittance rationale varies across the region

· Contributing to accounts/investments is a primary reason to send/receive remittances across several markets including Mainland China (45%/36%), Singapore (38%/33%), and Japan (27%/23%).

· Sending for general/specific humanitarian need is a key reason for remittances, cited by respondents in Mainland China (45%/33%), India (40%), Singapore (27%), and Australia (25%).

· Sending remittances for an unexpected need was highest in India (44%), the Philippines (41%), and Australia (31%).

· Receiving regular remittances was cited by approximately a third of respondents in the Philippines (39%), Mainland China (34%), and India (30%).

Security and convenience outweigh pain points such as fees

· Digital apps are viewed as the most secure way to send/receive remittances in Asia Pacific, with top responses from India (50%/53%), Australia (49%/45%), and Singapore (44%/42%). 

· Ease of use to send/receive digital remittances was noted most by respondents in Singapore (51%/51%), the Philippines (48%/54%), Japan (47%/42%), and Australia (42%/40%). 

· Digital app fees for sending/receiving remittances were highlighted as a top pain point across Asia Pacific, led by the Philippines (43%/30%), India (36%/33%), and Singapore (32%/32%). Similarly, high fees were noted as the top pain point for sending physical remittances across all markets, with top responses from the Philippines (45%/29%), India (41%/37%), Singapore (38%/30%), Australia (29%/30%).

· Inconvenience and long travel distances remain key challenges for sending physical remittances, with respondents in India (36%) and Mainland China (27%) citing travel as a barrier. In Australia and Singapore, 29% of respondents each noted the physical remittance process as inconvenient and time-consuming alongside concerns about high fees.

· Across most Asia Pacific countries surveyed, the perceived security of physical remittances was low (3%-6%), with Mainland China reporting slightly higher levels of confidence (10%-12%). 

With one billion people relying every year on remittance services and platforms**, Visa continues to innovate and build solutions to enable payments businesses to enhance operational efficiency in money movement and broaden financial access for their customers. The company works in collaboration with global remitters, such as MOIN, WireBarley, Money Chain World Remittance and EzRemit, to help enable efficient money movement through digitised remittances.

“Remittances have long been a lifeline across Asia Pacific, and they will continue to play a vital role in uplifting communities and livelihoods. At the same time, many small businesses are also beneficiary of remittances driving local growth in local economies,” said Rhidoi Krishnakumar, VP, Head of Visa Direct, Asia Pacific, Visa. 

“At Visa, we recognise the enduring purpose of our role in delivering remittances on behalf of our clients and continue to innovate and build solutions to enable more efficient, reliable and secure ways to move money.” 

*World Bank Blogs: In 2024, remittance flows to low- and middle-income countries were expected to reach US$685 B, larger than foreign direct investment (FDI) and official development assistance (ODA) combined.

**International Fund for Agricultural Development, Remittances

Visitors to Mainland China can now pay with Weixin Pay more easily

Tencent has made it more convenient and safer to register for a WeChat account, as well as quicker and easier to link international payment cards to Weixin Pay*. Weixin Pay is also actively exploring interoperability with more overseas e-wallets to further enhance the payment experiences for visitors.

After downloading or updating the latest version of the WeChat app, overseas users can register for a WeChat account with an overseas mobile number, defined as a mobile number that does not have the +86 country/region code. They can either sign up for a new account or sign in with an existing WeChat account. After filling in basic card details to link an eligible international card** with Weixin Pay, overseas users will be able to easily access over tens of millions of merchants in the mainland of China, including small and medium-sized businesses and street vendors. The simplified card linking process allows international visitors to spend up to a certain amount safely and conveniently, Tencent said.

Those who would like to enjoy a higher transaction limit, can complete an identity verification process by submitting relevant information. Passport verification can take just seconds to complete. Weixin Pay has increased transaction limits for verified international users, with the single transaction limit being raised from US$1,000 to up to US$5,000, and the annual transaction limit being raised from US$10,000 to up to US$50,000. To provide international visitors with more diverse payment options, in addition to linking international cards with Weixin Pay, overseas users can also apply for and link UnionPay's Tour Card, a prepaid card offering a one-stop service for top-up and consumption, through Weixin Pay.

To support Malaysian visitors to China, Tenpay Payment Technology Company, NetsUnion Clearing Corporation, and China Construction Bank (Malaysia) have partnered with Payments Network Malaysia (PayNet) for cross-border QR payment interoperability. Users of multiple local wallets in the PayNet system will soon be able to make payments in the mainland of China by scanning Weixin Pay QR codes displayed by merchants in China. Tenpay Global, Tencent's cross-border payment platform, will also work with NetsUnion to connect more overseas local wallets.

As the first overseas digital wallet entering the mainland of China, WeChat Pay HK, a HK$ e- wallet catering to Hong Kong residents, has already covered tens of millions of merchants in all cities in the mainland since the end of last year. With WeChat Pay HK wallet, Hong Kong residents are able to make payments in Hong Kong dollars, which are automatically converted from RMB for settlement. WeChat Pay HK has also raised transaction limits, increasing the single transaction limit to HK$38,000 and annual transaction limit to HK$400,000 for verified users.

Compared with the data before the merchant network was fully opened in July 2023, the average daily transaction volume of Weixin Pay's international card service has increased by over 3x, and average daily transactions have increased by over 4x. Consumption in online lifestyle services, shopping, dining and tourism is booming, with an average daily transaction amount of about RMB100.

Tencent recently launched a dedicated web page for visitors to Mainland China: Welcome to China, easy pay with Weixin Pay — about using Weixin Pay. Visit the page at https://www.tencent.com/en-us/media/weixin-pay.html.

*Weixin and WeChat are services operated by different companies under the Tencent group. There is built-in interoperability so that Weixin and WeChat users can connect with each other. Weixin users use Chinese Mainland mobile numbers while WeChat users use non-Chinese Mainland mobile numbers.

**Eligible international card refers to any payment card from Visa, Mastercard, American Express, Discover Global Network (including Diners Club) or JCB, and issued outside of Mainland China.

Pay with a local e-wallet at over 2 million Japanese merchants

Source: Ant International. Alipay+ - and the local payment methods it supports - is now offered by 2 million Japanese merchants.

Ant International's cross-border mobile payment solution Alipay+ has connected 2 million merchants across Japan, enabling local businesses to accept payments from customers using their home country e-wallets.

Sixteen e-wallets and bank apps are now accepted in Japan via Alipay+, a suite of cross- border digital payment and digitalisation technology solutions, including the following in the Asia Pacific region: 

- Alipay (Chinese mainland)

- AlipayHK (Hong Kong SAR China)

- MPay (Macao SAR China)

- Kakao Pay (South Korea)

- Naver Pay (South Korea)

- Toss (South Korea)

- OCBC Digital (Singapore)

- Changi Pay (Singapore)

- EZ-Link (Singapore)

- Touch ‘n Go eWallet (Malaysia)

- MyPB by Public Bank (Malaysia)

- GCash (Philippines)

- HelloMoney (Philippines)

- TrueMoney (Thailand)

- Hipay (Mongolia)

Powered by Alipay+, transaction volume made by e-wallets and bank apps in Japan jumped over 200% in the first three weeks of March, compared with the same period in 2023. Transaction value is estimated to account for about 10% of total spending among users during their stay in the country, shared Douglas Feagin, President of Ant International. 

Another positive indicator is transaction volume from Alipay+ partner e-wallets and bank apps at Daimaru Matsuzakaya Department Stores, a flagship department store chain in Japan. This figure rose over 10x in the first two months of this year, compared with the same period last year. 

Akito Kimura, Manager of Inbound Business Division for Daimaru Matsuzakaya Department Stores said: “Starting with connecting Alipay to make Chinese customers more at home, we are pleased to expand our partnership with Ant International by integrating with Alipay+. This will allow us to accommodate the preferred payment methods of our international customers through simple integration. 

"We look forward to working together to drive more innovation, ensuring all customers can enjoy a memorable and peace-of-mind shopping experience at our stores.” 

Feagin added: “We are grateful to our over 40 local acquiring partners in Japan, including both big institutions as well as small ones that only have several employees, for their tremendous support to promote a seamless, transparent and efficient experience together for local businesses and international travellers.

“By working with these partners, Alipay+ provides global tourists with a seamless digital payment experience that is the same as in their own markets. Without any extra efforts, tourists can make purchases by simply scanning the QR code at merchants of all size, without worrying about foreign currency exchange or any language barriers.”

Alipay, AlipayHK, Kakao Pay, Touch ‘n Go eWallet, GCash and TrueMoney are among the most popular e-wallets used by travellers to Japan, while MPay, Naver Pay and Toss are seeing rapid growth in transactions, Ant International said.

Venetia Lee, CEO of AlipayHK said: “Japan is the first foreign destination of AlipayHK as it is one of the most favoured travel destinations for Hong Kong residents. Powered by Alipay+, Hong Kong people can now use AlipayHK to make purchases at local stores and use car-hailing in Japan, which are settled in Hong Kong dollars with competitive exchange rates in the market. 

"With the increasing acceptance of Alipay+ among local merchants in Japan, the daily transaction values and volumes of AlipayHK in the country in the first quarter have surged 3.5x and 5x over the previous quarter. I am confident that the usage of AlipayHK will continue to grow in Japan on the back of the strong adoption of Alipay+ services among the Japanese merchants.”

Ren-Ren Reyes, President and CEO of GXI (G-Xchange Inc.), the mobile wallet operator of GCash said: "Our long-standing partnership with Alipay+ has allowed us to be an indispensable companion for Filipino travellers in now 47 countries and territories around the world. We are glad to continue strengthening our collaboration with Alipay+ to ensure every Filipino has a seamless and secure cashless payment option when they travel abroad." 

Won-Keun Shin, the CEO of Kakao Pay, a major acquirer in South Korea, said, “We are glad that users can easily and conveniently pay with Kakao Pay at 2 million large and small merchants in Japan, one of the most visited countries by Korean tourists. Through discussions with Alipay+ as well as several e-wallet partners representing each country, we will accelerate global expansion and provide more benefits.” 

John Sun, Chairman and CEO of Macau Pass, stated, “As the leading mobile payment e-wallet in Macao, MPay, together with Alipay+ which has launched a suite of innovative digital cross-border solutions, strives to create a smart e-wallet that facilitates Macao residents to travel globally. This could also solve the issues they encounter with payment while travelling overseas, thus improve travellers' payment and shopping experience.  

"MPay will continue to expand in e-payments, lifestyle services, and marketing technology services to develop more open and diversified intelligent payment business scenarios.”

Alan Ni, CEO, TNG Digital, the operator of TNG eWallet, said: “As Malaysia's top e-wallet provider, we're committed to serving users locally and expanding globally. Our partnership with Alipay+ has seen transactions surge sixfold this year, specifically in Japan, a true testament to our dedication to innovative payment solutions. With over half of Malaysia entrusting TNG eWallet as their preferred digital payment and financial services provider, we aim to be the ultimate travel companion, ensuring easy and safe transactions wherever our users go.”

Monsinee Nakapanant, Co-President of Ascend Money, the operator of TrueMoney stated: “Japan ranks as one of the most popular destinations with approximately 1 million Thai travellers each year. We are pleased to work with Alipay+ to create more inclusive cross-border payments and enable Thais to enjoy safe, real-time, and cost-effective payments with their accustomed home wallet TrueMoney. Enabling the travellers to connect with Japanese merchants of all sizes will also expand their experiences of local culture and people that would make their trip more memorable.” 

Introduced by Ant International in 2020, Alipay+ now connects over 88 million merchants in 57 countries and regions to 1.5 billion consumer accounts on over 25 e-wallets and bank apps, allowing consumers to travel and pay hassle-free globally, and merchants to build out cross-border consumer engagement and digital marketing.

The service builds on Alipay+’s extensive regional partnerships, including those with national QR schemes including Singapore’s SGQR, Malaysia’s PayNet, South Korea’s ZeroPay, Sri Lanka's LankaPay and Cambodia's KHQR.

Hong Kong virtual bank launches cross-border QR payment solution

Hong Kong’s lifestyle-driven virtual bank livi has launched livi QR Payment for the mainland Chinese market. The technology allows its customers to make cross-border payments in mainland China and other travel destinations such as Japan, South Korea and Thailand. 

The first cross-border QR payment solution launched by a Hong Kong virtual bank, livi QR Payment integrates with UnionPay’s payment and merchant network. It allows customers to pay securely at merchant outlets that display the UnionPay QR label using the livi app. 

“With the easing of border restrictions, our customers are keen on going to the mainland to visit their families and friends, conduct their business or go on an adventure. Livi QR Payment is simple, fast and seamless – customers can simply present or scan their QR code to complete the payment,” said livi Chief Product Officer Carol Hung.

“Livi QR Payment addresses customer concerns about handling fees and the trouble of managing cross-border payments on multiple platforms or e-wallets. We are delighted to introduce another secure payment experience together with UnionPay as we advance our payment offerings.”

Users of the app can:

· Activate mainland QR payment by: 

- Logging into the livi app and clicking “Pay”

- Selecting “Mainland China” at the top

- Tapping “Activate now” to enable “Outside Hong Kong QR Payment”

- Tapping “Confirm”. 

Once on the mainland, they can click ‘Pay’ in the livi app, and the Mainland QR code will automatically be presented for payment.

· All spending with livi QR Payment is settled in Hong Kong dollars at UnionPay’s exchange rates, with no handling fee incurred and no charge on currency exchange.

· Users can set a valid period for using the service, and can turn it off at any time.

· All transactions can be tracked, and customers will receive instant notifications.

· Customers can enjoy ‘shake shake’ rewards after paying with livi QR Payment - shaking the phone triggers the reward.

From now until 31 March 2023, livi customers who pay via livi QR payment will be entitled to shake and earn up to 100% Shake Shake Rewards. Rewards can be redeemed on the next purchase, and customers can enjoy rewards up to HK$500 per calendar month.

Zip's buy now, pay later payment option to be available on Singtel's Dash app

Source: Singtel. Singtel's Dash customers will be able to take advantage of Zip's buy now, pay later service.

Singtel and Zip, a global buy now, pay later (BNPL) player, have announced that Zip’s Pay Later service will be launched in Singapore on the Singtel Dash app.

The new service provides an alternate payment option for Dash customers, giving them the flexibility to choose between paying for their purchases immediately with Dash, or paying later with Zip. Dash customers can use Zip’s Pay Later service for in-store or online purchases from merchants such as Klook, Omnidesk, OSIM and Singtel.

Gilbert Chuah, Head of Financial and Lifestyle Services at Consumer Singapore, Singtel said, “Many of our customers want greater choice and control over managing their finances and our partnership with Zip provides just that with an alternative payment method that is transparent and flexible. This collaboration adds to Dash’s rapidly growing financial services business and we are working on expanding our suite of financial products and services to meet our customers’ diverse needs.”

According to FIS’ 2021 Global Payment Report*, BNPL is projected to be the fastest-growing payment method for Singapore, with transaction volume expected to increase from US$210 million in 2020 to US$1.3 billion by 2024. A study commissioned by Zip also showed that 56% of e-commerce users in Singapore have used or will consider using a BNPL service.

Over the next six months, Zip will be rolling out more payment schemes and bringing on board more than 2,000 merchants through partner agreements with AsiaPay, Razer Merchant Services and HitPay. 

Details:

Zip’s current payment scheme offers four interest-free instalments across six weeks.

Customers can use the Pay Later service once they have to set up a Zip account through the Dash app.

*https://worldpay.globalpaymentsreport.com/en/

Instarem launches new mobile app for Singapore consumers

Instarem, a digital cross border payments platform has launched a redesigned website and new mobile application for Singapore consumers. Instarem will also be launching a first-of-its-kind consumer debit card, Amaze, for users within the year.

Instarem has refreshed its brand and launched a new app for Singapore.

With the new rebrand, Instarem seeks to go beyond just enhancing consumer remittances globally, to move towards being the change-driver for the complexities around global payments – empowering its customers to do more with their money in an intuitive, transparent, and cost-effective manner. This rebrand also aims to set the foundation for Instarem to eventually become an all-in-one consumer app in coming years.

Yogesh Sangle, Global Head of Instarem, said, “We see the future of Instarem as becoming an essential part of our customers’ everyday lives, offering them the most convenient option for money transfers. Our new identity reflects our belief that money should not be disconnected – it should be simple – and our enhanced offerings bring this belief to life. Our new look better represents who we are today – current, innovative, and global.”

“Our new mobile app provides increased usability for Singapore users that makes it easier for them to navigate and manage their transfers from anywhere in the world. Singapore customers can also expect a new and improved Instarem experience through the launch of a consumer debit card, which allows them to consolidate all their spendings in one,” he added.

Instarem currently operates in six continents and over 100+ markets, serving more than 130+ million customers. More than US$6 billion in transaction volumes are processed annually, and 60% of payments are made in less than 15 minutes.

Explore:

Singapore users can download the mobile app for Android and for iOS.

TransferWise is now Wise

Wise, formerly TransferWise, has rebranded and expanded its office in Singapore.

For personal customers, Wise enables money to be sent and spent internationally. The money can be held in 55 currencies, and customers receive real account numbers in nine currencies. Customers now hold over S$5 billion in Wise, with 1.4 million debit cards issued.

“Today our name catches up with who we’re already building for - a community of people and businesses with multicurrency lives," said Kristo Käärmann, CEO and co-founder, Wise said, promising that the core experience of using Wise will "remain faster, cheaper, and more convenient than anything else".

"Our mission remains the same. We’re still making — and always will be making — money work without borders.”

Asia Pacific is the company’s fastest growing region. Wise said its larger office would allow the company to better serve regional consumers and drive growth in new markets. The final switchover to the Wise brand will take place in March 2021.

Mastercard: APAC consumers shifting to digital commerce and won't be looking back

In the COVID-19 era, consumers in Asia Pacific are rapidly going digital with purchases of everything from groceries to movies in a shift that looks set to become permanent after the pandemic passes, Mastercard research* shows.

E-commerce and contactless payments continue to grow in popularity as people make the move to digital by default and we reduce our use of cash, according to an ongoing study by Mastercard in multiple markets around the world that analyses the impact of current and future consumer behaviour.

“Our shift to digital commerce is here to stay as people embrace the benefits of safety, security and convenience. Consumers now want on-demand products and services – whether it’s food delivery, groceries, fitness courses, telemedicine, conferencing, learning or entertainment. This demand and these expectations will continue to drive e-commerce long after COVID-19 subsides,” said Sandeep Malhotra, Executive VP, Products & Innovation, Asia Pacific, Mastercard.

“As communities and economies emerge from the pandemic, the new consumer mindset sends a clear signal to merchants of all shapes and sizes that online shopping and touch-free transactions are essential to building the business and ensuring customer loyalty now and in the future.”

The digital momentum created by greater Internet access, the proliferation of smart devices and growing e-commerce is transforming how consumers buy and merchants sell. As lines blur between physical and digital, businesses must change how they think about every aspect – from customer interaction and retention to inventory, production and logistics.

The global survey underscores the movement to contactless after a Mastercard study in April showed that 79% of people worldwide and 91% in Asia Pacific were using tap-and-go payments. Citing safety and cleanliness, 74% of people globally and 75% in Asia Pacific said they would keep using contactless after the pandemic is over.

Source: Mastercard. E-commerce and contactless payments continue to grow in popularity in APAC, especially during the COVID-19 pandemic.

With people concerned about safety and many stores shut during the COVID-19 outbreak, digital commerce revenues grew 20% globally in the first quarter of 2020 from a year earlier, according to the Salesforce Shopping Index.
The Mastercard study highlights the need for businesses, especially small and medium enterprises, to move into e-commerce and have an online presence during and after the pandemic. The shift is underway globally as almost six in 10 consumers say the move to digital payments is likely to be permanent and nearly half plan to use cash less even after the pandemic passes.

E-commerce is on the rise in Asia Pacific with 30% of people in Australia, 49% in India, 55% in China and 34% in Japan planning to make more purchases online. At the same time, consumers think less in-store shopping is here to stay – say 38% in Australia, 68% in India, 57% in China and 40% in Japan.

In Asia Pacific, 46% of consumers say they plan to use cash less often, including 52% in Australia, 49% in India, 43% in China and 41% in Japan. A large majority – 71% in Australia, 77% in India, 73% in China and 62% in Japan – believe the shift to contactless payments is also here to stay.

Mastercard adopted a drive into digital commerce many years before COVID-19 to maximise options and convenience for consumers in how and where they shop and pay – by tapping a card or mobile device on a contactless terminal in a shop, using an e-wallet within a smart phone, making a purchase online or seamlessly transferring money and paying bills.

With the focus on safety and security, Mastercard’s mission is to provide a fast, frictionless payment experience that is protected at every step.

Source: Mastercard infographic. APAC consumers plan to use less cash going forward.

Earlier this year, Mastercard announced commitments to raise contactless payment limits in more than 50 countries worldwide. The limit increases are part of Mastercard’s global effort to ensure consumers, merchants and small businesses have the resources they need to pay safely, receive payment and keep operations running during COVID-19.

Mastercard works with partners across the region and across the ecosystem of merchants, financial institutions and fintechs to create and deliver products that are becoming the standard in many markets. These include the launch of digital card programmes with GrabPay in Singapore and the Philippines and with Hong Kong virtual banks Mox by Standard Chartered and WeLab Bank.

For merchants of all sizes, Mastercard has a range of solutions and services in e-commerce, payments, cybersecurity, fraud protection, data analytics and productivity to help businesses thrive in the changing business environment.

In India, Mastercard, Axis Bank and Worldline recently launched Soft POS, an app that transforms smartphones into point-of-sale terminals to give merchants and consumers the simplicity and security of contactless payments. The cost-effective acceptance solution also helps small merchants by eliminating the need to invest in a POS device, linking to various digital payment platforms, offering an online catalogue of items for sale and making it easier to get business loans by keeping a record of transactions.

“These are challenging times for everyone but we’re seeing innovation and change that will help all of us to emerge stronger,” Malhotra said.

“The digital economy is the future and there’s no doubt consumers and merchants are embracing this evolution. Now that people are experiencing and expecting the security, simplicity and seamlessness of digital commerce, there’s just no turning back.”

*Mastercard proprietary study conducted between April 27 and May 17 2020 with a total of 6,750 adults interviewed across 15 countries: Australia, Brazil, China, Colombia, France, Germany, India, Italy, Spain, Japan, Mexico, Russia, UAE, UK and US.

Singtel's Dash now offers insurance

Dash EasyEarn, with 2% p.a. returns, marks Dash's move towards innovation in financial services. The insurance savings solution is offered exclusively through Singtel’s Dash app and underwritten by Etiqa Insurance.

Source: Singtel. Dash EasyEarn is a fully-digital insurance product. Customers can purchase, top-up and make withdrawals on their Dash EasyEarn plan via the Singtel Dash app on their mobile phone.

Dash EasyEarn adds financial services to the existing Dash mobile app, which currently provides payments, mobile data top-ups, e-commerce, lifestyle and remittance services. This insurance savings solution is designed for investors who want to start saving regularly for their future but who may be concerned about cash flow. Dash EasyEarn plans start off with a minimum initial premium of S$2,000, up to a maximum of S$20,000. Other benefits include up to 2% per annum returns* for the first policy year, no lock-in period and unlimited withdrawals with zero penalties. 

Gilbert Chuah, Head of Mobile Financial Services, Singtel’s International Group says, “Dash EasyEarn represents the next steps for Dash as it grows to become a more inclusive everyday app that will play a bigger part in enabling our customers’ digital lifestyles. With Dash EasyEarn, customers can start growing their savings with greater convenience with a fully-digital insurance product accessible on their mobile phones. We will continue to use technology to glean deeper business insights, better understand the needs and habits of consumers and bring them the products and services that they want.” 

“Dash EasyEarn was co-created by Singtel and Etiqa to meet the financial needs of digital-savvy consumers, who increasingly seek simple and convenient solutions through all-in-one mobile apps. We are honoured and appreciate the opportunity to work with Singtel to close the distance between people, their money, and services. This strategic partnership epitomises Etiqa’s commitment to pursue financial inclusion through innovation and constantly deliver added value to our customers,” said Dennis Liu, Head of Digital and Business Transformation and Technology of Etiqa Insurance. 

As an insurance savings plan, Dash EasyEarn offers up to 105% of the account value in the event of death. The plan also offers security through its capital guarantee and allows users to withdraw their funds any time in case of emergencies, without penalties or any interest clawback. 

Dash counts over 1 million registered users, is available to everyone regardless of telco or banking relationship, and can be downloaded on any mobile platform. 

Details:

Dash EasyEarn is open to eligible residents in Singapore and is available only through the Dash app. Purchasing and managing Dash EasyEarn can be done through Dash. 

To sign up, eligible users in Singapore** need to verify their personal details before topping up using their bank account to get started. Users can also perform top-ups*** at their convenience and opt to withdraw funds directly into their bank account or Dash wallet. 

Terms apply. Protected up to specified limits by the Singapore Deposit Insurance Corporation (SDIC).

*Guaranteed 1.5% p.a. + 0.5% p.a. bonus for first policy year for a limited time only. 

**All applications are subjected to the acceptance by Etiqa Insurance.

***Minimum top-up of S$500 for each top-up. Minimum policy amount of S$2,000 must be maintained to earn interest. A charge of S$0.70 per withdrawal to user bank accounts applies, but is free of charge to withdraw to Singtel’s Dash.

XWallet app to allow users to pay with Ethereum cryptocurrency

MEW, which offers tools providing a safe and user-friendly experience for interacting with all aspects of the Ethereum Blockchain and Pundi X, the Blockchain payments ecosystem connecting cryptocurrencies with the physical world, are enabling millions of users to pay with ETH for goods and services in 30 countries.

The two companies are providing a savings-like account as a new feature on XWallet from PundiX. XWallet is a mobile app available in 30 countries that connects regular digital asset wallets with users' payments ecosystem. Via technology from MEW Connect, which brings the benefits of a hardware wallet to the mobile phone, XWallet users now have a savings account which gives them full access and control of private keys in a secure way. This allows users to make instant payments online or offline via physical stores.

The app is supported within the Asia Pacific and Middle East regions in Australia, Cambodia, Hong Kong, Indonesia, Malaysia, Singapore, South Korea, Taiwan, Thailand and the UAE.

Dash users can now take advantage of Apple Pay

From now on, Singtel Dash customers can make payments using Apple Pay at millions of participating on- and offline merchants worldwide.

Wirecard, the digital financial technology provider, has enabled this by supporting the Dash mobile wallet’s Visa Virtual Account on Apple Pay.


Brigitte Haeuser-Axtner, Executive VP, Sales Asia, Digital & Telecommunications at Wirecard said, “As leaders in digital financial technology, we are proud to work with Singtel to bring Dash to an even larger group of potential customers, and to connect consumers with merchants around the globe. Asia continues to be the leader of the digital payments revolution worldwide, and we are excited to be at the forefront of these innovations.”

“With the increasing popularity of mobile and online payments, Dash enables easy, secure and seamless payment options between our partner merchants and our more than half a million Dash customers on the platform of their choice,” said Gilbert Chuah, Head of mCommerce at Singtel.

“Our expanded partnership with Wirecard to bring Dash to Apple Pay reflects our commitment to enhance the digital payment experience for both merchants and customers.”

Singtel Dash is Singapore’s only all-in-one digital wallet which provides a safe and secure mobile payments solution for shopping, commuting, and remitting money. Dash’s Visa Virtual Account is the first of its kind in Singapore and was introduced in 2017.

The inclusion of Dash into Apple Pay complements the increasing popularity of online shopping in Singapore. Wirecard’s 2018 International Holiday Shopping Report found that 67% of Singaporeans surveyed prefer shopping online, either via desktop or mobile, while 20% prefer shopping in-store. The ability to use mobile payments in-store is a welcome innovation with 51% of respondents saying it would improve their shopping experience.

Explore:

Read the TechTrade Asia blog post about Singtel and Visa Virtual Accounts

Travel companies could lose customers through ignoring preferred payment methods

- About 85% of Chinese consumers travel for leisure at least once a year

- Credit and debit cards are still broadly the most popular means to pay for trips globally (36% and 29% respectively), with PayPal taking a strong market share (17% globally) in most countries and across age groups.

- Electronic payment methods feature strongly in China; in China 78% use Alipay as their preferred payment method

- Seven in 10 Chinese travellers state that they had been victims of fraud

More than a third of British, American, Chinese, French and German travellers surveyed globally (36%) are unhappy about not being able to pay the way they want when booking holidays online, according to an online survey* of 7,400 consumers by YouGov and ACI Worldwide, a global provider of real-time electronic payment and banking solutions.

Lack of transparent pricing is another large concern for travellers, with 66% globally saying there are too many hidden fees such as add-ons when booking trips and tickets online, resulting in final prices that are different to the ones advertised.

“The global travel industry is a huge growth market worth US$2.2 trillion a year, with annual growth rates of about 10%. The market has undergone massive changes in the last decade, many of them driven by digitalisation. Digital channels have empowered travel operators to provide new routes to market and travellers are now able to research their options online, and then choose exactly how the book and pay for their vacation or holiday breaks,” said Peter Moedlhammer, Head of Global eCommerce Solutions, ACI Worldwide.

“What is surprising is that many consumers are unhappy with one or more aspects of their online customer journey, whether it is price transparency, the ability to make changes to a booking or to pay with their preferred payment method. If travel operators want to compete effectively in this very competitive market, they need to address these issues urgently.”

Other key findings and trends:

About 85% of Chinese consumers travel for leisure at least once a year, compared to the other countries studied. Next in line were consumers from both France and the UK at 78%.

On average, nearly two in five (37%) of respondents globally travel one to two times a year while more than one in five (22%) do so three to five times a year.

Almost two-thirds (65%) of travellers globally spend between US$320 and US$3,800 on leisure travel annually, with a third (33%) spending more than US$1,300 per year.

Globally, 74% prefer to book their travel via a digital device (computer, laptop or mobile phone) and on average, only 10% prefer to book in person.

Travel comparison websites have significant market share, with 30% of travellers preferring to book via this channel.

Payments preferences

Globally, three in 10 travellers want a range of payment options available and 36% feel frustrated if they cannot pay via their preferred method.

Credit and debit cards are still broadly the most popular means to pay for trips globally (36% and 29% respectively), with PayPal taking a strong market share (17% globally) in most countries and across age groups.

Local payment methods feature strongly. In China 78% use Alipay as their preferred payment method, while in Germany 33% of consumers prefer to pay via direct bank transfers.

Transparency and data security are vital for customer loyalty:

Two-thirds of respondents find a lack of transparent pricing annoying.

Nearly one-third (32%) of respondents are concerned about what travel companies do with their personal data and 34% say operators should be more transparent about what they do with customers’ personal data.

One-third of travellers globally have experienced fraud either while booking a holiday or while travelling. Seven in 10 Chinese travellers stated that they had been victims of fraud, the highest incidence among all countries studied.

“Our findings highlight that globally, there are a number of key service trends travellers value most when it comes to booking trips online. Local and alternative payment preferences as well as fraud and security impact not only the purchase but also the travel experience. These factors influence travellers’ choice of operators, and whether they return to those providers in the future," said Moedlhammer.

“With downward cost pressures and the strain of competitive threats weighing on travel operators, the need to understand customer buying drivers and preferences has never been more important.”

ACI Worldwide, which powers electronic payments for more than 5,100 organisations around the world, recommends that online travel operators:

- Understand the local and regional payment preferences for target traveller markets. There are over 300 different online payment methods worldwide; do not assume a one-size-fits-all approach will work

- Research current and emerging alternative payment methods which can improve conversion options on high priced vacation and travel ticket items. Lost opportunity costs can hamper revenue and future business

- Develop an integrated payments and fraud management approach for managing transactions – travellers want to feel confident and secure in the operators with whom they choose to do business

*All figures, unless otherwise stated, are from YouGov. Total sample size was 7,433 adults, including 1,004 Chinese adults, of which 5,283 are travellers. Fieldwork was undertaken between 4 and 17 July 2018. The survey was carried out online. The figures have been weighted and are representative of all adults in their respective countries (aged 18+).

Maybank helps SMEs with digital transformation

Source: Maybank. Leong.

In November 2017, Maybank Singapore partnered with Asian Business Software Solutions (ABSS) to empower startups and micro businesses in Singapore with Financio, an affordable cloud-based accounting solution which does not require any accounting knowledge to operate.

Almost a year on, Maybank's Marc Leong, Executive VP and Head SME Banking, Community Financial Services, shares that one in every five small and medium sized enterprises (SMEs) which open an account with the bank is also signing up to use Financio.

"Despite being in Singapore, adoption of the cloud is far from satisfactory," he said at the recent Accounting & Finance Show Asia 2018 in Singapore. He estimated that some 60% to 70% of small businesses are still working with offline software, or even doing their book-keeping manually.

"The bank has a deep role to push the go-digital (trend)," he said. Another digital initiative from Maybank, executed together with Financio, is PayNow-ready invoicing. In September, Maybank Singapore and Financio launched unique PayNow QR codes with embedded payment details, enabling funds received via PayNow to be easily tracked in Maybank’s Business Internet Banking and updated directly in the ledger.

PayNow is a peer-to-peer payment service that has been available to retail customers of nine participating banks in Singapore since July 2017. The generic PayNow QR codes had lacked enough payment details to identify what was being paid for.

More announcements are planned for later in the year, Leong said, around the Singapore government-driven SMEs Go Digital programme, and also a new branch along main tourist belt Orchard Road which will incorporate a digital bank in a cafe.

"We're taking this role seriously," Leong said. "It is an ecosystem play, leading from the SME to the bank to fintechs...This will be the trend. If you don't want to join it you will lose out."

Leong also shared that Maybank is locally incorporating its Community Financial Services business in Singapore. "By November 5 we will be fully incorporated," he said. "It is a huge step for us, a surefire way to tell the world and Singapore that we are here to stay."

Since PayNow Corporate was launched on 13 August 2018, close to 2,000 Maybank customers have signed up for the banking service to receive or send payments between businesses and individuals instantly with just a Unique Entity Number (UEN) or a PayNow QR Code.

Maybank and Financio shared the same booth space at the event.

The Maybank reception counter.

Explore:

Maybank Singapore is promoting Financio and PayNow with initiatives such as:

- Maybank is offering the first 12 months free for Financio. The premium plan usually costs S$9.95/month.

Maybank PremierBiz or FlexiBiz account holders can sign up for Financio by:

Applying and activating Maybank Business Internet Banking.
Registering for Financio upon account opening by completing a consent form.
Completing an ABSS GIRO form for subscription fee deduction (applicable for the Financio Premium Plan).

- From now until 31 December 2018, business banking customers stand to receive S$88 cash credit when they process a minimum of S$10,000 in incoming funds collections via PayNow for three consecutive months.

- Maybank Singapore is waiving all transaction fees on PayNow until December 2019.

SMEs can up for PayNow via Maybank’s Business Internet Banking platform or with a paper form.

Paynow Corporate debuts

The Association of Banks in Singapore (ABS), which promotes and represents the interests of the banking community in Singapore, has launched PayNow Corporate. An extension of the PayNow peer-to-peer instant funds transfer service, PayNow Corporate allows businesses, government agencies and retail customers to enjoy a simple way to transfer and receive funds 24x7.

With PayNow, payers only require a payee’s mobile or national ID number (NRIC number) in order to transfer funds. PayNow Corporate will similarly enable businesses, corporates and the government agencies to pay and receive Singapore dollar funds instantly by linking their unique entity number (UEN) to their Singapore bank account. A UEN is a standard identification number that organisations use when they interact with government agencies in Singapore.

PayNow Corporate is available to businesses, corporate and government agencies that are customers of seven participating banks – Citibank, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB. With PayNow Corporate, retail customers of all the nine participating banks - the seven banks as mentioned, plus the Bank of China and ICBC - can now use PayNow for all their fund transfer needs, such as payments to business and receiving payments from the government. This gives PayNow access to the largest banking customer base for e-payments.

To further enhance customer experience, the option of a QR code is also available to give businesses more channels for payment receipt, and reduces the hassle of handling cash and cheques. The PayNow QR code will be issued as part of the Singapore Quick Response (SG QR) Code when SG QR is rolled out later in the year.

Mrs Ong-Ang Ai Boon, Director of The Association of Banks in Singapore (ABS), said: “The launch of PayNow Corporate follows from last year’s successful launch of PayNow peer-to-peer funds transfer service that enables instant payments via mobile, NRIC or FIN* numbers. I am pleased that PayNow brings together a full of suite of funds transfer services among retail customers and between businesses and government agencies. ABS is encouraged that as at 10 August 2018, there have been more than 1.6 million PayNow registrations and over S$1.2 billion transferred via PayNow.”

ABS will continue to work with the industry to promote PayNow as a convenient and secure means to transfer funds seamlessly.

*The foreign identification number (FIN) is a unique 9-digit code issued to foreigners with immigration or work passes by the Singapore Ministry of Manpower or the Immigration and Checkpoints Authority of Singapore.

Pay with Garmin's new fēnix 5 Plus outdoor smartwatch series

- The new Garmin fēnix 5 Plus series come in three models

- New family features enhanced mapping and navigation, more storage and cashless payment through Garmin Pay

From left: fēnix 5s Plus (blue band); fēnix 5 Plus (orange
band); fēnix 5X Plus (black band).

Garmin Singapore has announced the fēnix 5 Plus series, its next generation of GPS multisport watches with built-in routable topographical maps, storage for music playlists, the Garmin Pay contactless payment solution, and wrist-based Pulse Ox Acclimation¹ for blood oxygen saturation awareness.

The fēnix 5 Plus series is the latest solution from Garmin’s expanding outdoor segment, which focuses on developing technologies and innovations to enhance users’ outdoor experiences. Like other fēnix 5 watches, the fēnix 5S Plus, fēnix 5 Plus and fēnix 5X Plus are built for athletes, sports enthusiasts, and adventures of all sizes. These rugged yet premium crafted watches range in size from 42-51 mm and all boast a bright, sunlight readable display.

The fēnix 5S Plus is designed for smaller wrists. Despite its size, its 1.2" display is almost a 20% increase over that of the fēnix 5S.

The fēnix 5X Plus is Garmin’s first wearable to offer a wrist-based Pulse Ox sensor for blood oxygen saturation awareness, which is especially useful when adjusting to higher altitudes. On strenuous climbs, users can take advantage of the 24x7 mode option to assess how well they are adjusting to the thinner air.

“Our customers in Singapore will be delighted that we have added exciting new features to our most popular outdoor GPS wearable series,” said Engelhard Al Sundoro, MD, South East Asia, Garmin. “Some of these most sought-after features include built-in mapping, music and contactless payments to each new model in the fēnix 5 Plus series; and with the introduction of the Pulse Ox feature in the fēnix 5X Plus, our customers can now have more confidence taking their adventures to the next level.”

Sundoro introduces Garmin to the audience at the launch ceremony.

Integrated with wrist-based heart rate and all the multisport and smart connectivity features of the previous fēnix 5 models, each of the models in the Plus series will also include built-in map data optimised for at-a-glance navigation and location tracking. These maps can be used with the round-trip course creator that allows runners and cyclists to enter a distance they would like to run or ride, then select a route from a list of appropriate courses to choose from. The Trendline popularity routing feature uses Garmin Connect data to help users find and follow the best trails and running routes based on billions of miles logged by previous Garmin users.

The fēnix 5S Plus, fēnix 5 Plus, and fēnix 5X Plus will also offer on-device music storage, up to 500 songs, for phone-free listening. Once the playlist is loaded, the device is paired with compatible Bluetooth headphones (sold separately) to begin listening. All sizes of the Plus series will also include Garmin Pay, a contactless payment solution³. Utilising their Garmin Pay wallet, users have the same rewards and benefits of paying with the physical cards, with the added convenience of having them right on the wrist. In Singapore, Garmin already has a partnership with OCBC for contactless payments.

Each fēnix 5 Plus model is packed with training features to help monitor form and performance. Users can tap into physiological metrics, running dynamics and more to track workout stats, measure progress and finetune their form. Training status automatically evaluates recent exercise history to let users know if they are overtraining, maintaining or peaking.

The fēnix 5 Plus series are Connect IQ-compatible, so users customise their watch with widgets, data fields, watch faces and apps. When paired with a compatible smartphone⁴, users can get call, text and email notifications right on their wrist. Additionally, users can customise the look of their watch with QuickFit bands. A silicone band can be swapped for a leather or titanium strap, with no tools necessary. The QuickFit bands are also available in new colours.

Every fēnix 5 Plus watch features multi-network satellite reception, now including the Galileo global navigation satellite system to track location where using GPS alone may be challenging. This is particularly helpful when adventuring in places without a clear view of the sky, like deep canyons or urban environments.

Users can choose between a PVD-coated stainless-steel bezel with silicone watch band; or for a lighter material, a high-performing titanium bezel version with brushed titanium bracelet available on the fēnix 5 Plus and fēnix 5X Plus series. Each version features a full-colour Garmin Chroma Display with LED backlighting to assure sunlight readability and is water-rated to 100 m⁵.

The fēnix 5S Plus can get up to six days in smartwatch mode, up to 10 hours in GPS mode, and up to four hours in GPS and Music mode⁶; the fēnix 5 Plus can get up to 10 days of battery life in smartwatch mode and up to seven hours in GPS and Music mode; and the fēnix 5X Plus can get up to 18 days of battery life in smartwatch mode and up to 11 hours in GPS and Music mode. Users can also activate the UltraTrac power saver mode to extend battery life.

Chua is wearing the fenix 5s Plus.

Jeri Chua, Founder, Red Dot Running Company, an ultra marathoner and also a Garmin ambassador, spoke at the launch about her relationship with Garmin. She has used Garmin devices for over 10 years, and has been very impressed with the fenix 5s Plus. The watch allowed her to self-navigate during a 200km event in Singapore, she said.

"I can't tell left from right. If I'm going in the wrong direction, the watch will tell me," she said. "In 24 hours of running I didn't get lost...You know exactly where you are at any one time."

The premium build has stood her in good stead as well. She shared that the watch has survived heavy wear and tear, including a fall where she landed on it, and accidental impacts against stair railings. "In six months I've gone through several ultra marathons," she said. "The watch has come out unscathed."

Sensors on the underside of the
fenix 5s Plus.

She also likes the styling, as the watch looks like a dress watch, and added features such as being able to pair Bluetooth headphones easily.

Details:

The fēnix 5 Plus series has the following recommended retail prices in Singapore⁷:

• Fenix 5s Plus, Black with black band, S$1,199
• Fenix 5s Plus, Rosegold with beige leather band, S$1,199
• Fenix 5 Plus, Sapphire DLC Carbon Gray with black band, S$1,229. 
• Fenix 5 Plus, Sapphire Carbon Gray, DLC titanium with DLC titanium band, S$1,599
• Fenix 5X Plus, Sapphire DLC Carbon Gray with black band, S$1,299
• Fenix 5X Plus, Sapphire Carbon Gray DLC titanium with DLC titanium band, S$1,699

DLC stands for diamond-like carbon, and provides durability and excellent protection, Garmin said. The titanium and leather band options are bundled with silicon bands.

The devices come preloaded with maps for some Southeast Asian countries, including Singapore, Malaysia and Philippines, and will accommodate other maps (sold separately) as long as there is storage space available - there is about 11 GB of space available for maps and music on the Fenix 5s Plus. The map for all of Southeast Asia is about 500 MB in size.

Explore:

Read the WorkSmart Asia blog post about the new Garmin vivoactive 3 smartwatch

¹ This is not a medical device; see Garmin.com/ataccuracy. Pulse Ox is not available in all countries.

² May require premium subscription by a third-party music provider.

³ Available for supported cards from participating banks

⁴ See Garmin.com/ble for more details.

⁵ See Garmin.com/waterrating for more details. The Garmin Descent Mk1, also rated to 100 m, is a watch-sized dive computer with GPS functionality.

⁶ Depending on settings.

⁷Available at Advance Lap, Best Denki, Challenger, Courts, Gain City, Harvey Norman and all authorised retailers.  

NBK offers World Cup fans a limited edition prepaid card

Source: NBK website. The NBK FIFA World Cup prepaid
cards.

The National Bank of Kuwait (NBK) has launched a new, limited-edition prepaid card celebrating FIFA and the upcoming World Cup series for football lovers in Kuwait.

The FIFA World Cup Prepaid card is exclusive to NBK customers and includes all standard prepaid card benefits and options. It is available to all NBK customers over 17 years old and Shabab customers who transfer their allowance to NBK.

Customers can apply for the card easily via the NBK mobile banking app, or the NBK website NBK.com. The card will be delivered to your doorstep with no extra fee.

“NBK offers this unique, limited edition FIFA World Cup prepaid card for our customers who are football enthusiasts,” said Mohammed Al Othman, GM, Consumer Banking Group, National Bank of Kuwait. “Holders enjoy all the benefits of an NBK prepaid card including NBK Rewards, Visa Global Assistance and other flexible and convenient offers and benefits.”

“NBK creates the best services and products tailored to suit our customers lifestyle needs,” Al Othman added. “We go the extra mile to show appreciation to our customers. This is part of the bank’s long term strategy to build lasting, loyal relationships with our customers.”

Card benefits include control over budgeting and spending, worldwide recognition and NBK secure Shopping. Card holders can determine how much to transfer to the card, thus setting their own spending limits. The card can also be reloaded via the NBK mobile banking app or NBK.com website. Prepaid card holders also earn cash back and other rewards as part of the NBK Rewards loyalty programme.

The 2018 FIFA World Cup in Russia runs from 14 June to 15 July.

National Bank of Kuwait discounts wearables used for contactless payment

Source: NBK website. Tap & Pay can be enabled on a watch which is then tapped on the payment terminal to deduct money from an NBK card account.

The National Bank of Kuwait (NBK) is offering its Tap & Pay wearables for KD12 instead of KD25 to give more customers an opportunity to experience the technology.

NBK Tap & Pay is a secure payment solution technology that allows small purchases to be made without signing or using a PIN. Instead, customers place a Tap & Pay wristband or Tap & Pay sticker on their mobile phone on the payment terminal to deduct the amount from their NBK credit, debit, or prepaid card. Tap & Pay accepts purchases of up to KD100.

More than 7,000 restaurants, shops, entertainment centres, coffee shops and lifestyle brands now accept the NBK Tap & Pay service in Kuwait, in addition to different locations around the world.

“We’ve launched this promotion, offering a discount on Tap & Pay wristbands and stickers, to give customers a chance to try it out and discover how much easier this stylish and innovative payment technology makes their lives. Tap & Pay technology is convenient to use, seamless and simple. It makes small payments easy and safe while enhancing the checkout experience,” said Naser Alduwaisan, Cards Products Officer, National Bank of Kuwait.

Details:

The offer is available at NBK branches at The Avenues, Grand Avenues, Surra, Qurain, KNPC, Al-Hamra and Mishref. Phone orders are accepted via the NBK Call Center at 1801 801.

Qoo10 Singapore announces integrated cashless payment and advertising model

Qoo10 Singapore, Asia’s online marketplace, has announced the integrated payment and advertising model QPay.

Source; Qoo10. Infographic showing the sequence of events to pay for an item with Qpay.

Qpay enables consumers to purchase items by scanning a QR code at the merchant’s brick-and-mortar store. Instead of paying the sticker price with cash, Qpay is integrated with the Qoo10 payment platform and activates Qoo10 discounts and loyalty rewards on their Qoo10 accounts when they check out. At the same time, merchants enjoy a low service fee and are able to support cashless payment methods such as credit cards through Qpay, Qoo10 said.

Unlike a typical payment gateway, Qpay empowers merchants with a payment platform option and also helps them to drive footfall to their physical stores. Qoo10 helps advertise the merchant’s items on the Qoo10 site, and visitors are then told to visit the merchant’s physical store to purchase them. This is aligned with Qoo10’s goal to bridge the gap between offline and online retailers. The service is targeted at traditional businesses and small and medium-sized enterprises (SMEs) which have lacked the resources to keep up with changing digital expectations. The capability was embedded in Qoo10’s Seller Management (QSM) at end of last year, allowing Qoo10 to offer consumers Qpay with more than 1,200 merchants using Qpay at launch, Qoo10 said.

Scan the QR code to pay with Qpay.

“Payment systems are rapidly changing and increasing; what matters to us is how it benefits both merchants and consumers throughout the payment journey,” says HyunWook Cho, Country Manager of Qoo10 Singapore, who believes that the solution to cashless payment is not just developing another payment gateway but tapping on existing infrastructure to achieve the optimum cashless transaction.

The Singapore Red Cross adopted Qpay for their International Bazaar, raising funds for local humanitarian services on 23 September at Suntec Convention Centre. Attendees enjoyed a 5% discount for coupons purchased via Qpay and all proceeds will be donated to Singapore Red Cross. Qoo10 also provided advertising and marketing support on Qoo10’s site for the event.

Qoo10 also collaborated with eight merchants: Holiday Inn Hotel, Amara Hotel, and Bee Cheng Hiang for the Mid-Autumn Festival, integrating the Qpay system with their mooncake promotions from 23 September to 4 October 2017.

“Singapore is moving towards cashless payment mode. We need to keep ourselves up to the trend,” says Christopher Lee, Food and Beverage Manager from Holiday Inn Hotel, who said he expected Qpay to drive footfall to the hotel during the festival season.

Qoo10 showcases Qpay at its 10.10 Shopping Evolution event, which runs till 15 October.

Singapore-headquartered Qoo10 was launched in June 2010 and is now the No. 1 Singapore-based e-commerce platform (Alexa country rank No. 10), with 2.5 million registered users. Qoo10 is a joint venture established between founder Ku Young Bae and eBay, and has marketplaces in Japan, Korea, Indonesia, Malaysia, Hong Kong and mainland China.

UnionPay to up coverage in Turkey via ZIRAAT BANK and Garanti Bank

Turkey's ZIRAAT BANK has signed an agreement with UnionPay International to accept UnionPay cards at all of its ATMs and POS terminals by the end of the year, so as to further expand the scope of UnionPay cards in Turkey and to improve the experience of UnionPay cardholders visiting Turkey.

UnionPay expects that by the end of this year, the acceptance coverage rate of UnionPay cards at ATMs in Turkey will be increased from the existing 50% to near 70%, and that of POS terminals rising from 80% to near 90%. At present, over 6.3 billion UnionPay cards have been issued globally, making UnionPay the world's largest cardholder group.

Garanti Bank is to issue UnionPay credit cards this year as well, UnionPay said.

Just smile to pay at this KFC restaurant in China

- A fresh and digitally connected experience for urban professionals

- Brings facial recognition payment solution to consumers for the first time globally

Yum China Holdings has launched a new restaurant concept, KPRO by KFC in Hangzhou, China - home of Alibaba. Designed to offer a fresh, seasonal menu to sophisticated diners, the concept harnesses digital technology to provide a fully immersive dining experience.

"We are excited to launch KPRO – an exciting and fresh new concept for young, tech savvy consumers who are keen to embrace new tastes and innovations," said Joey Wat, President and Chief Operating Officer of Yum China. "Developed to cater to China's burgeoning population of urban professionals, KPRO offers a creative, modern and seasonal menu with a wide range of dishes that are freshly made-to-order. The restaurant is also made for the digitally connected customers and integrates some of the latest technologies from mobile ordering to facial recognition payment."

The KPRO menu features seasonal produce and made-to-order salads, panini and roasted chicken, complemented by freshly squeezed fruit juice, gourmet coffee and premium Cremia ice cream. The store is designed with a "greenhouse" layout and an open kitchen.

A key feature of the new restaurant is the integration of Alipay's new "Smile to Pay" facial recognition payment solution, which enables customers to pay without the need to reach for their wallets. Alipay's payment technology utilises a multistep authentication process, including a facial scan and mobile phone number, to verify the identity of customers and facilitate payment. This is the first commercial application of the facial recognition payment technology globally.

"Yum China has a history of adopting innovative technologies to enhance in-store dining experience and we could think of no better place to pilot this advanced technology. Smile to Pay will bring another level of convenience for customers," said Jidong Chen, Ant Financial's Director of biometric identification technology.

Source: Yum China. 

"Elevating the customer experience through new design, flavours and technologies has always been central to our approach at KFC in China," said Johnson Huang, GM, KFC. "We are excited to partner with Alipay to bring the world's first commercial application of the facial recognition payment solution to our customers. With the adoption of the facial recognition payment solution, KPRO customers can experience this ground breaking technology while enjoying fresh and tasty meals prepared in our open kitchen."

In addition to facial recognition payment, KPRO incorporates other technologies to provide customers with a convenient and connected in-restaurant experience. With no traditional ordering counter, customers are able to 'skip the queue' by ordering at digital kiosks or using their mobile phones to scan QR codes and order at their tables. KPRO staff then deliver the freshly prepared food directly to the tables.