With the year-end holidays approaching, two local banks have announced expanded QR payment services in mainland China, making it easier for Singapore users to pay for purchases there.
DBS announced on Thursday (12 November) that PayLah! users can make payment at more than 100 million merchants that support Alipay and WeChat Pay by scanning a QR code or displaying their own payment code.
Users do not need to download another payment app or pay additional transaction fees, although exchange rates may include currency conversion costs. PayLah!’s daily transaction limit of S$2,000 also applies to this service.
This is the latest outcome of the broad cooperation agreements DBS signed late last year with Tencent’s cross-border payment platform TenPay Global and Ant International.
Together with its connection to the UnionPay QR code network established in 2022, this makes DBS the only bank in Singapore to support two-way QR payments across China’s three major platforms.
These networks also allow PayLah! users to pay at more than 70 million participating merchants worldwide, including in Australia, Hong Kong, South Korea, Europe, Latin America and the Middle East.
Calvin Ong, head of consumer banking at DBS Singapore, said convenient payments are becoming increasingly important as consumers show growing interest in exploring China in greater depth. The partnerships allow users to pay through a familiar platform without merchants having to change how they accept payments.
However, the new service is primarily intended for merchant payment codes. To pay tour guides, individuals or small merchants using personal payment collection codes, DBS users must use a service launched in June this year to first transfer funds through DBS Remit to their own Alipay or WeChat wallets before making payment.
UOB to launch QR payments in China by year end
UOB also announced on Thursday that it plans to launch QR payments in China through its UOB TMRW mobile app by the end of 2026 at the latest.
UOB will partner Singapore’s Network for Electronic Transfers (NETS), Alipay+, UnionPay International and WeChat Pay to allow users to scan QR codes to pay at more than 100 million acceptance points in China, with no transaction fees.
UOB UnionPay Card holders can also pay selected merchants in China through Alipay or WeChat Pay without incurring transaction fees.
Pratik Bhattacharjee, UOB’s head of group cards and payment products, said China is an important travel and spending market for UOB customers, with demand growing rapidly. By expanding payment options, the bank hopes to offer customers greater choice, better value and more peace of mind when making payments.
Three major banks expand payment links with China
Demand for travel to China among ASEAN travellers continues to grow. According to China’s National Immigration Administration, Singapore was among the top 10 source countries for foreign visitors in the third quarter of this year. This has prompted Singapore’s three major banks to step up efforts to expand their links with China’s payments market.
Besides DBS and UOB, OCBC also connected to WeChat Pay in February this year, becoming the first local bank to support mainland China’s three major QR payment networks. Last month, OCBC also connected to Alipay+ Travel Treat, a platform offering merchant deals.
There are no platform fees for scanning QR codes to pay directly through Singapore banks’ mobile apps. By contrast, payments made by scanning QR codes through WeChat Pay or Alipay incur a 3% platform fee for individual transactions exceeding 200 RMB (S$38.50) if the linked bank card was issued outside mainland China.
UOB said in the first half of this year, customer spending in China grew by more than 40 per cent year-on-year. In October alone, RMB-denominated spending on its UnionPay cards was more than six times that of the same period last year, while new card applications surged nearly 12-fold.
All three banks also support QR payments in Malaysia, Thailand and Indonesia through their respective mobile apps.
How do you pay in China using PayLah!’s new feature?
DBS users must update PayLah! to the latest version, v7.4.0. Those without a DBS or POSB account can also use PayLah!.
To pay by scanning a merchant’s QR code, open PayLah!, select “Scan”, scan the code, enter the payment amount in RMB and tap to confirm the transaction. The app will also display the prevailing exchange rate and the equivalent amount in Singapore dollars, allowing users to check their actual spending.
To let a merchant scan your QR code, open PayLah! and select “My QR” to generate a payment code for scanning.
For more on making payments in China, read Lianhe Zaobao’s (LHZB) personal finance tips.
