DBS enabled Singaporeans, Permanent Residents and foreigners residing in Singapore to fund Weixin Pay, the digital RMB wallet within the Weixin and WeChat apps, through DBS Remit on digibank, extending a DBS Remit transfer service to Weixin Pay that it launched with TenPay Global in February.
SERVICE DETAILS AND USER ELIGIBILITY
The bank rolled out the capability through its DBS Remit channel on digibank, the mobile banking application, enabling customers to send funds directly into Weixin Pay, the renminbi e-wallet embedded in the Weixin and WeChat social platforms. The move applied to Singapore citizens, Permanent Residents and foreigners who live in Singapore, who could initiate transfers to top up the wallet for everyday payments in China.
Fintech News Singapore reported that the new route linked DBS Remit transfers to the Weixin Pay wallet, making it easier for users in Singapore to fund Weixin Pay wallets for everyday payments in China. Users must verify their passports in the digibank app before they can use the facility.
DBS said the enhancement reduces friction for customers navigating China's digital and wallet-centric landscape. While users may link credit cards to digital wallets, transactions above certain thresholds may incur additional fees; funding the wallet directly through DBS Remit lets users avoid these platform transaction fees.
ADOPTION AND GROWTH
DBS said the new feature built on strong adoption since the February launch: the number of customers using DBS Remit to fund Weixin Pay wallets has quadrupled, transaction volumes have risen eightfold and average ticket sizes have grown to more than S$800.
P'ing Lim, Regional Head at DBS, said: "Consumers today no longer view payments in isolation, especially in China, where digital wallet apps are ubiquitous and deeply woven into everyday life."
DBS said it continues to strengthen its cross-border payments ecosystem across regional markets including India, Indonesia, Malaysia and Thailand.