E-WALLET WITHOUT BORDERS
The future of transactions is here, thanks to the BOC SG eWallet mobile app by Bank of China
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.”
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.”
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.