(3 August 2023 – Singapore) OCBC bank has expanded the UnionPay QR-enabled feature of its digital app, eliminating the need for third-party payment apps or currency exchange queues across 47 markets.
The scan-and-pay feature is a result of an agreement signed between OCBC and UnionPay International (UPI) in April 2023.
It is OCBC's latest cross-border payment collaboration, building on previous linkages with Malaysia's DuitNow QR and Thailand's PromptPay QR for peer-to-merchant transactions.
The bank said the launch is timely due to the expected increase in travel to Mainland China following the resumption of 15-day visa-free entry for Singaporeans.
The feature is also usable in other popular destinations such as Malaysia, Thailand, and Hong Kong SAR.
Customers can make direct payments from their OCBC Singapore accounts up to a daily transaction limit of S$1,000, which covers typical traveller expenses.
The exchange rate is displayed on the app before confirming transactions, with no additional fees.