With a daily transaction limit of $1,000, payments will be made directly from customers’ OCBC Singapore accounts, where the exchange rate will be shown to customers on the OCBC Digital app before they confirm their transactions.
From Aug 4, OCBC customers will be able to use their OCBC Digital app to make retail payments to UnionPay QR-enabled merchants in 47 markets from their OCBC Singapore bank accounts.
The streamlined process eliminates the need to download, set up and fund third-party payment apps or to queue for currency exchange, a handy change that comes in time with the recent resumption of the 15-day visa-free entry for Singaporeans to Mainland China, where merchants rarely accept payment cards or cash.
