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    D05   SG1L01001701

DBS GROUP HOLDINGS LTD

(D05)
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Delayed Singapore Stock Exchange  -  05:08 2022-08-08 am EDT
32.77 SGD   -0.21%
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DBS : PayLah! users can now scan UnionPay QR Codes to pay at 31 million merchants globally

06/21/2022 | 01:54am EDT
DBS PayLah! users can now scan UnionPay QR Codes to pay at 31 million merchants globally First Singapore bank to enable UnionPay QR Code payment
Singapore, 21 Jun 2022 - DBS and UnionPay International (UPI) today announced that DBS PayLah! users can now scan to pay with UnionPay's existing QR Code payment network of 31 million brick-and-mortar retailers in 45 markets, including Singapore as well as popular travel destinations such as China, Malaysia, Japan, South Korea, and Thailand. DBS is the first Singapore bank to enable this service.

Said Anthony Seow, Head of Payments & Platforms, DBS Consumer Banking Group (Singapore), "With UnionPay QR Code payment now available to DBS PayLah! users, this will be the first instance of Singapore consumers being able to use a local app to perform QR Code payments overseas - and with 31 million retailers to boot. It's a staggering milestone not just for DBS and UPI, but also for Singapore consumers who now have another simple, seamless, and secure way to pay both locally and overseas. Singaporeans can now scan and pay their way as they travel across the globe with DBS PayLah!."

The service - the result of a collaboration between DBS, UPI, and NETS - seamlessly integrates UnionPay's payment network with DBS PayLah! through a unified API and taps on NETS's payment network. This allows DBS PayLah! users to pay securely at UnionPay QR Code-enabled merchants worldwide, so travellers can skip the hassle having to queue to exchange currencies. When using DBS PayLah! to pay overseas, the app automatically handles the transaction's currency conversion, so consumers simply need to scan and pay in a few taps.

How to pay with UnionPay QR Code

1. Scan to pay

  1. Launch DBS PayLah! app and tap Scan
  2. Scan the UnionPay QR Code and enter payment amount (if required)
  3. Review and confirm your transaction details


2. Generate a QR Code for the merchant to scan

  1. Launch DBS PayLah! app and tap My QR
  2. Tap on UnionPay and select either Mainland China or SG & Others
  3. Present your QR Code to the merchant to scan
  4. Tap Begin Payment
  5. Review and confirm your transaction details

"DBS PayLah! is the most commonly used mobile wallet for Singapore residents. We are very pleased to collaborate with DBS to enable DBS PayLah! for scanning UnionPay QR Code. Local residents are well travelled and many have been taking advantage of more borders opening up to satisfy their wanderlust. I have no doubt that the DBS PayLah! app will come in very handy when they are travelling to their favourite destinations, conveniently using it to scan UnionPay QR Code for cashless payment instead of paying in clunky foreign currencies," said Huiming Cai, General Manager, UnionPay International South East Asia.

"We are excited to offer digital payments via QR for DBS customers to use at over 31 million UnionPay merchants, including those in China. QR payments have accelerated as a form of payment domestically and we are pleased to enable this safe and secure means of payment outside Singapore as travel resumes," said Lawrence Chan, Group CEO, NETS.

To celebrate the launch of the service, DBS and UPI are running a series of promotions, available exclusively to DBS PayLah! users. To enjoy the offers, users simply need to scan the UnionPay QR Code with DBS PayLah! at selected merchants. To find out more, visit https://go.dbs.com/sg-paylahupi.

With 2.2 million users, DBS PayLah! is the ultimate everyday app for getting rides, booking tickets, ordering meals and more. Users can also use the app to earn and manage their card rewards points seamlessly or collect stamp cards that give cashback. In a UnionPay survey conducted by NielsenIQ Singapore in 2021, DBS PayLah! was the mobile wallet with the highest awareness and usage among Singapore residents, with 76% of those surveyed aware of DBS PayLah!, and 55% having used DBS PayLah! in the last six months.

[END]


About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named "World's Best Bank" by Euromoney, "Global Bank of the Year" by The Banker and "Best Bank in the World" by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World's Best Digital Bank" by Euromoney and the world's "Most Innovative in Digital Banking" by The Banker. In addition, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 13 consecutive years from 2009 to 2021.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

About UnionPay International
UnionPay International (UPI) focuses on the international business of UnionPay, a global payment network that serves the world's largest Cardholder base. With over 64 million merchants and around 2.9 million ATMs accepting UnionPay in 180 countries and regions, as well as 31 million merchants in 45 markets globally accepting UnionPay Quick Response (QR) Code, UnionPay is one of the fastest-growing payment networks in the world.

As a company with a global acceptance network and a wide range of world-class payment services, UnionPay is committed to providing access to value and secure payment solutions that are tailored to the needs of the local market, to enable choice and ease of payment for consumers and businesses alike.

In Southeast Asia, UPI has enabled ATM, POS acceptance, card issuance and e-wallets across all 10 countries. In Singapore, a range of UnionPay Cards and several apps are enabled to scan UnionPay QR Code, including DBS PayLah!. For more information on UnionPay Singapore, visit https://www.unionpayintl.com/sg/info/.

Disclaimer

DBS Group Holdings Ltd. published this content on 21 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 June 2022 05:53:02 UTC.


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Financials
Sales 2022 16 243 M 11 788 M 11 788 M
Net income 2022 7 674 M 5 569 M 5 569 M
Net Debt 2022 - - -
P/E ratio 2022 11,0x
Yield 2022 4,45%
Capitalization 84 334 M 61 201 M 61 201 M
Capi. / Sales 2022 5,19x
Capi. / Sales 2023 4,47x
Nbr of Employees 33 475
Free-Float 98,5%
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Piyush Gupta Chief Executive Officer & Director
Sok Hui Chng Chief Financial Officer
Lim Huat Seah Non-Independent Non-Executive Chairman
Jimmy Ng Group Chief Information Officer & Head-Operations
Chee Kin Lam Joint Secretary, MD & Head-Legal
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