In February this year, PayPal announced that it will be stopping its Personal Payments services in Singapore due to its commitment to “complying with all applicable laws and regulations in every jurisdiction that we do business in.” Today, the Development Bank of Singapore (DBS) has announced that it will partner with Visa to introduce Visa Personal Payments (VPP). There are currently over 80 send-side VPP programs by leading financial institutions in over 20 countries.
The service is a “faster, secure and more convenient way to send money from your bank account to any Visa cardholder around the world.” The new service is accessible to all DBS and POSB customers in Singapore, and all they need is the the recipient’s name and his or her 16-digit Visa card number. While PayPal’s stoppage of its Personal Payments services only affects users in Singapore, the DBS-Visa partnership will see DBS/POSB customers being able to send money to over 1 billion eligible Visa cards globally. According to Visa, this includes fund transfers in near real-time (within minutes) to over 200 million Visa Debit, Visa Credit and Visa Prepaid cards.
“As part of our efforts in placing our customers at the heart of the banking experience, we continuously innovate to better serve them. With this service, we are offering customers a simple, affordable and convenient solution to cater to their cross-border funds transfer needs. We will continue to focus on delivering greater value and introduce user-friendly services that are relevant to our customers’ lifestyle preferences,” said Anthony Seow, Head of Cards and Unsecured Loans at DBS Bank, Singapore in the press release.
More about how Visa Personal Payments works:
DBS currently has over 1.9 million internet banking customers and 600,000 mobile banking users in Singapore.
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