China-based electronic payment operator China Union Pay (CUP) and Singapore's DBS Bank signed a deal in Singapore on Monday, allowing 1.6 billion Chinese CUP cardholders the convenience of using their credit and debit cards at more retail outlets in Singapore.
With this strategic alliance, DBS said it can now offer the full suite of CUP card products and related services in markets it operates in, including China and Indonesia. This covers debit and credit card issuance, CUP card acceptance at DBS point-of sales (POS) terminals and CUP card acceptance for cash withdrawal at all DBS's ATMs regionally.
At present, CUP cardholders already can withdraw cash at more than 950 DBS ATMs in Singapore and Hong Kong through an initiative launched last April. CUP cars are also accepted at DBS POS terminals in Macao and Hong Kong.
Kicking of the DBS' CUP merchant card acceptance program here on Monday is Singapore's largest department store, Takashimaya Department Store, which is also one of Chinese tourists' favorite shopping destinations.
DBS said it would take some time for all its thousands current merchant partners in Singapore to sign up to the new CUP payment service.
Speaking at the signing ceremony, Cai Jianbo, the Chinese electronic payment company's first executive vice president, said, "Through this collaboration with DBS, shopping and dining will nowbe much convenient for Chinese tourists, as well as the growing number of Chinese expatriates and students residing here."
Rajan Raju, managing director and head of consumer banking group of DBS, said, "The signing of this memorandum of understand underscores DBS's commitment to strengthen our product and service offerings to Chinese both at home and away. It reinforces our focus in Asia, especially Greater China, and leverages on our existing regional networks."
About 1.1 million Chinese tourists visited Singapore in 2007, a29 percent increase from 2005's number of 850,000. Their total spending increased by almost 50 percent over the same period to 934 million Singapore dollars (about 662 million U.S. dollars) last year.
Source:Xinhua
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