OCBC, UnionPay bolster cross-boundary digital payment feature

Customers can make payments from their OCBC accounts of up to S$1,000 daily.

Singapore’s OCBC bank has expanded the feature of its digital app, where customers can transact through UnionPay QR-enabled merchants.

This is available to 47 markets for OCBC Singapore bank account holders.

This eliminates the need for third-party payment apps or currency exchange queues. 

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. 

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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.