OCBC is getting ready to let its Singapore clients make cell funds in mainland China by scanning WeChat Pay QR codes instantly by the financial institution’s app.
The event was first reported by The Edge and follows an settlement OCBC concluded with UnionPay Worldwide on the finish of November.
Fairly than counting on separate fee apps, travellers will be capable of settle purchases in China with funds drawn straight from their OCBC Singapore accounts as soon as the function goes dwell.
OCBC expects to introduce the potential within the first quarter of 2026 and is integrating it by NETS’ cross-border fee infrastructure, which helps service provider acceptance on the Weixin Pay community.
The financial institution stated that China accounts for the most important share of abroad QR funds made by its Singapore clients.
Customers generally depend on OCBC’s Scan and Pay perform for on a regular basis spending similar to meals, sights and retail buying throughout their journeys.
Utilization has been rising, with transaction quantity rising 11 % over the previous 12 months and lively person numbers rising by 67 %.
OCBC already permits clients to scan QR codes from Alipay Plus and UnionPay retailers.
The financial institution additionally helps wallet-to-wallet remittances to China by current hyperlinks with Weixin Pay and Alipay Plus, and its QR fee protection spans 48 markets.
Sunny Quek, who heads OCBC’s international shopper monetary companies division, stated the intention is to make funds in China as seamless as potential for travellers given the prominence of QR codes there.
Featured picture: Edited by Fintech Information Singapore, primarily based on picture by OCBC
