E-WAL­LET WITH­OUT BOR­DERS

The fu­ture of trans­ac­tions is here, thanks to the BOC SG eWal­let mo­bile app by Bank of China

Portfolio - - PORTFOLIO -

There is a rev­o­lu­tion hap­pen­ing in China, where cash pay­ments are al­most be­com­ing ob­so­lete. In its place is the dawn­ing of the age of mo­bile pay­ments, where just two years ago, such pay­ments in the coun­try amounted to $9 tril­lion, ac­cord­ing to Chi­nese firm iRe­search Con­sult­ing Group. While the rest of the world has some catch­ing up to do, Bank of China Sin­ga­pore Branch (BOC SG) is paving the way for the mo­bile pay­ment rev­o­lu­tion with the in­tro­duc­tion of a new mo­bile app called BOC SG eWal­let. Through the app, cus­tomers can per­form an as­sort­ment of elec­tronic ser­vices within their own con­ve­nience any­time and any­where. Speak­ing about the rev­o­lu­tion­ary app, Mr. An­son Lim, Head of Card Cen­tre, Bank of China Sin­ga­pore Branch, shares, “This new mo­bile app, which is avail­able on the Ap­ple App store or on Google Play, al­lows our card­mem­bers to man­age their credit card ac­count and pay­ment ser­vices. BOC SG credit card­mem­bers can use the BOC SG mo­bile app to bind or un­bind their BOC SG UnionPay Credit Card(s) for QR Code pay­ments,

QR trans­ac­tions history track­ing, and more. Both con­sumer-pre­sented and mer­chant-pre­sented QR scan­ning func­tions are also avail­able.”

Truly In­dis­pens­able

Clearly, the BOC SG mo­bile app has prob­lems it aims to solve. “BOC SG is Sin­ga­pore’s largest stand­ing Chi­nese bank with a deep un­der­stand­ing of the re­gional mar­ket and cul­ture – we un­der­stand the needs of our cus­tomers and lever­age our strong lo­cal mar­ket ex­per­tise, which al­low us to de­velop tai­lored fi­nan­cial solutions for cus­tomers in or­der to bet­ter ser­vice them,” ex­plains Mr. Lim. There­fore, as a lead­ing bank with ex­pe­ri­ence in de­vel­op­ing China’s cash­less pay­ments in­fra­struc­ture, BOC SG is in the right po­si­tion to drive Sin­ga­pore’s cash­less agenda. “Ac­cord­ing to the 2017 Master­card Mo­bile Shop­ping Sur­vey, one in five con­sumers across Asia Pa­cific use digital wal­lets, and more are em­brac­ing QR code pay­ments,” re­veals Mr. Lim. “As con­sumers in­creas­ingly adopt digital pay­ment solutions, we see a rise in de­mand for fast, safe, and seam­less trans­ac­tions. With the BOC SG mo­bile app, BOC SG card­mem­bers can now go to China and pay with their BOC SG is­sued credit card us­ing the UnionPay QR code. Im­me­di­ately, this opens the door to 5 mil­lion mer­chants in main­land China alone. At present, UnionPay QR code pay­ment is ac­cepted in 13 coun­tries and re­gions in Asia Pa­cific, cen­tral Asia, the Mid­dle East, as well as Africa.”

Work­ing To­gether

Mr. Lim re­veals that the mo­bile app is merely the be­gin­ning. “BOC SG keeps an open mind to­wards new in­no­va­tors and tech­no­log­i­cal de­vel­op­ments that can be in­te­grated into bank­ing ser­vices. In re­cent years, BOC has been part of the Chi­nese na­tional agenda of in­no­va­tion and in­vest­ment in fin­tech, help­ing to shape the largest cash­less econ­omy in the world. BOC SG is guided by the same digital legacy to in­te­grate fin­tech lo­cally and build Sin­ga­pore’s econ­omy to that of a smart na­tion.” In sup­port of Sin­ga­pore’s drive to be­come a cash­less so­ci­ety, BOC SG aims to pro­vide con­sumers and mer­chants with one-stop fi­nan­cial ser­vices through prod­uct de­vel­op­ment and tech­no­log­i­cal en­hance­ment. Ul­ti­mately, this com­bi­na­tion will help de­velop a new pay­ment eco-sys­tem for con­sumers, mer­chants, and the bank.

Spe­cial Fea­ture Credit Bureau Sin­ga­pore – Bank of China The most com­pre­hen­sive con­sumer credit bureau for both fi­nan­cial in­sti­tu­tions and con­sumers. Mr. An­son Lim, Head of Card Cen­tre, Bank of China Sin­ga­pore Branch

Un­lock a whole new world of pay­ments with the BOC SG eWal­let mo­bile app Spe­cial Fea­ture Credit Bureau Sin­ga­pore – Bank of China The most com­pre­hen­sive con­sumer credit bureau for both fi­nan­cial in­sti­tu­tions and con­sumers.

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