DBS enables remittances to Weixin Pay wallets in China via digibank

Singapore’s DBS Bank has enabled customers in Singapore to transfer funds directly to Weixin Pay digital RMB wallets in China through its DBS Remit service, expanding cross-border payment options amid growing travel and financial flows between the two countries. DBS said in a statement on last Friday that this new feature builds on the strong adoption of DBS Remit transfers to Weixin Pay e-wallets since February this year. Since launch, the number of customers using DBS Remit to fund their Weixin Pay wallets has quadrupled, while transaction volumes have surged eightfold. DBS has also seen average ticket sizes grow to over S$800 ($621) since February, suggesting customer confidence and familiarity with using DBS Remit for everyday cross-border payment needs in China. “Consumers today no longer view payments in isolation, especially in China, where digital wallet apps are ubiquitous and deeply woven into everyday life, “The robust double-digit growth of DBS Remit transfers to digital wallets in China shows that our customers value the ease and simplicity of using channels they already know and trust,” said P’ing Lim, Regional Head, Ecosystems & Cross Border Payments, Consumer Banking Group, DBS Bank. She said the bank believes that this latest enhancement is another step towards making cross-border experiences feel more local and intuitive for travelers, as well as those studying and working abroad. According to the statement, the latest enhancement improves accessibility into China’s digital ecosystem beyond payments, such as transport bookings and food ordering across merchants and services. It also further reduces friction for customers navigating China’s highly digital and wallet-centric landscape. While users may already link credit cards to digital wallets for payments, credit card transactions above certain thresholds may incur additional fees. Funding digital wallets directly through DBS Remit allows users to avoid additional platform transaction fees. As the primary bank for the majority of Singapore residents, DBS said it continues to strengthen its cross-border payments ecosystem to support how customers increasingly live, travel, spend and transact across the region. Beyond China, DBS said it continues to see strong growth across regional scan-to-pay and cross-border payment linkages across markets including India, Indonesia, Malaysia and Thailand, reflecting rising consumer demand for more intuitive payment experiences across Asia’s increasingly interconnected digital ecosystems. DBS, Climate Bonds Initiative team up to advance climate adaptation financing across APAC