SINGAPORE – OCBC Bank aims to step up the number of cross-border QR payments it facilitates, as these transactions join the ranks of credit and debit cards as a popular payment mode among Singapore travellers.
Customers with Singapore bank accounts can make QR payments when travelling abroad through these payment networks, which in total cover millions of merchants in more than 40 countries, said OCBC on March 26. OCBC said that the use of QR code payments, which are accessible and cheap to set up, will continue to grow.
China accounted for 57 per cent, or the largest share, of cross-border QR payments made using the OCBC Digital app in 2023. There has also been a sevenfold increase in such payments since the bank tied up with Alipay+ in September.
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