Singapore OCBC Bank Mobile App Launches Free & Near-Instant Transfer to China Weixin Pay (WeChat Pay) & Alipay Using Only Recipient China National Identification Name & China Mobile Number, Daily & Per Transfer Limit of CNY 50,000 and Annual Limit of CNY 300,000 for OCBC Singapore Clients, OCBC Mobile App Uses Visa Direct for Transfer
8th November 2024 | Hong Kong
Singapore 2nd largest bank OCBC mobile app has launched a free & near-instant transfer to China Weixin Pay (WeChat Pay) & Alipay using only recipient China national identification name & China mobile number. There is a daily & per transfer limit of CNY 50,000, and annual limit of CNY 300,000 for OCBC Singapore clients. The OCBC mobile app uses Visa Direct for the transfer.
“ Singapore OCBC Bank Mobile App Launches Free & Near-Instant Transfer to China Weixin Pay (WeChat Pay) & Alipay Using Only Recipient China National Identification Name & China Mobile Number, Daily & Per Transfer Limit of CNY 50,000 and Annual Limit of CNY 300,000 for OCBC Singapore Clients, OCBC Mobile App Uses Visa Direct for Transfer “
Sunny Quek, OCBC’s Head of Global Consumer Financial Services: “Partnering with Visa to offer our pay-to-wallet service marks a significant step in enhancing the convenience and efficiency of global remittances for our customers. We’re starting with access to the two biggest digital wallets in China – Weixin Pay and Alipay – but will quickly be expanding our services by adding more wallets to our digital payment capabilities. There is urgency to do so given the increasing cross-border needs of our customers, chief of which is the need to remit money home. Another use case is e-commerce. Buyers in Singapore sometimes need to make direct payments to small independent sellers in another market. Our wider goal is to become the go-to app for cross-border transactions in Greater China, ASEAN and even globally. Our customers can already scan and pay merchants globally using their OCBC app. With the roll out of our peer-to-peer pay-to-wallet service today, we are well on our way to achieving this goal.”
Adeline Kim, Visa Country Manager for Singapore & Brunei: “Visa Direct enables consumers to send money cross-borders with ease, convenience and security. Our Green Shoots Radar research showed that close to 50 per cent of Chinese have received money in their digital wallets from overseas, which indicates a need for us to transform the remittance process to make it easier for consumers to send and receive money. Previously, Singapore residents needed to top up their digital wallets and then make transfers via their digital wallets, which is a two-step process. Our partnership with OCBC marks a significant step in transforming money movement for consumers and showcases our commitment to facilitate the movement of funds from bank accounts to wallets seamlessly.”
Singapore OCBC Bank Mobile App Launches Free & Near-Instant Transfer to China Weixin Pay (WeChat Pay) & Alipay Using Only Recipient China National Identification Name & China Mobile Number, Daily & Per Transfer Limit of CNY 50,000 and Annual Limit of CNY 300,000 for OCBC Singapore Clients, OCBC Mobile App Uses Visa Direct for Transfer
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