Collaboration enables DBS/POSB customers to replenish PayPal accounts for online shopping without credit card.
Through a first-of-its-kind collaboration in the Asia Pacific region, PayPal and DBS Bank, Singapore's largest bank, announced the immediate availability of an innovative payment solution that allows DBS/POSB customers in Singapore to now use their bank accounts* to fund their PayPal accounts and shop online with over eight million merchants worldwide in 190 markets and 24 currencies. This exclusive collaboration in Singapore provides four million DBS/POSB customers with a virtual wallet for online global shopping, empowering a new segment of consumers to buy products and services on the web -- without the use of a credit card. This new service enables DBS/POSB customers to complete the funding process with greater speed and ease via DBS iBanking.
Online shopping is growing in popularity in Singapore as smart and savvy consumers search the internet and online retailers for fantastic deals or purchase items that are not available locally. Recent research by PayPal and Blackbox showed that online shopping has gained considerable traction among Singaporeans with more than half intending to buy online and 44% of overall expenditure expected to be spent online. Starting today, DBS/POSB customers can use iBanking to top-up their PayPal accounts to conveniently purchase on their PCs or mobile phones from leading Singapore merchants, including OSIM, FarEastFlora.com and Club21, as well as millions of overseas merchants that accept PayPal as a payment method.
"DBS is pleased to be the first to tie up with PayPal in Asia Pacific to bring greater convenience and speed to our customers making online purchases. We are constantly enhancing our payment offerings to meet our customers' changing lifestyle needs. While online transactions are typically enjoyed by credit cardholders, our exclusive collaboration with PayPal now gives our four million customers in Singapore the ability to shop online even if they do not own a credit card or feel uncomfortable revealing their credit card information online," said Mr. Sandeep Lal, Managing Director of Consumer Banking Group eBusiness, DBS Bank.
"In an Asia-Pacific first, PayPal is working directly with DBS to enable their customers to conveniently fund their PayPal accounts directly from their bank accounts, in order to use PayPal's global payment platform for faster, safer online shopping with eight million merchants worldwide," said Farhad Irani, PayPal's General Manager and Vice President of Asia. "We are delighted with this exclusive collaboration with one of Asia's leading banks here in Singapore and firmly believe that today is the beginning of a more secure, enjoyable online shopping experience for millions of DBS/POSB customers seeking to shop the world from Singapore."
Funding PayPal accounts with DBS/POSB bank accounts for card-free online shopping
This new service can be used by all DBS/POSB customers who currently do not have a credit card, from tertiary students to young working adults or home-makers. DBS/POSB customers with a credit card can also use this service if they are uncomfortable shopping online due to credit card fraud or want to better manage their spending. As part of the launch promotion for this new service, DBS/POSB customers will get a SG$10 rebate when spending at least SG$100 on their first-time transaction through their bank account-funded PayPal account before September 30, 2010.
In order to use this new service, DBS/POSB customers need to have an existing PayPal account or open a new one. In addition to great offers from PayPal merchants worldwide, PayPal users also enjoy the following benefits for faster, safer and more secure online payments:
To activate this new service, DBS/POSB customers can simply log into their iBanking accounts and add PayPal as a new bill payee. Funds can then be easily transferred from their DBS/POSB bank accounts to their PayPal accounts via bill payment from the same secure iBanking environment.
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