Exclusive Tie-Up Between DBS and PayPal Liberates the Global
Online Shopping Experience for DBS/POSB Customers in Singapore
2010-08-12 18:17
First-in-Asia-Pacific collaboration enables DBS/POSB
customers to now use their bank accounts to top-up PayPal accounts
for faster, safer online shopping without a credit card
SINGAPORE, Aug. 12 /PRNewswire-Asia/ -- Through a
first-of-its-kind collaboration in the Asia Pacific region, PayPal
and DBS Bank, Singapore's largest bank, announced the immediate
availability of an innovative payment solution that allows DBS/POSB
customers in Singapore to now use their bank accounts* to fund
their PayPal accounts and shop online with over eight million
merchants worldwide in 190 markets and 24 currencies. This
exclusive collaboration in Singapore provides four million DBS/POSB
customers with a virtual wallet for online global shopping,
empowering a new segment of consumers to buy products and services
on the web -- without the use of a credit card. This new service
enables DBS/POSB customers to complete the funding process with
greater speed and ease via DBS iBanking.
Online shopping is growing in popularity in Singapore as smart
and savvy consumers search the internet and online retailers for
fantastic deals or purchase items that are not available locally.
Recent research by PayPal and Blackbox showed that online shopping
has gained considerable traction among Singaporeans with more than
half intending to buy online and 44% of overall expenditure
expected to be spent online. Starting today, DBS/POSB customers can
use iBanking to top-up their PayPal accounts to conveniently
purchase on their PCs or mobile phones from leading Singapore
merchants, including OSIM, FarEastFlora.com and Club21, as well as
millions of overseas merchants that accept PayPal as a payment
method.
"DBS is pleased to be the first to tie up with PayPal in Asia
Pacific to bring greater convenience and speed to our customers
making online purchases. We are constantly enhancing our payment
offerings to meet our customers' changing lifestyle needs. While
online transactions are typically enjoyed by credit cardholders,
our exclusive collaboration with PayPal now gives our four million
customers in Singapore the ability to shop online even if they do
not own a credit card or feel uncomfortable revealing their credit
card information online," said Mr. Sandeep Lal, Managing Director
of Consumer Banking Group eBusiness, DBS Bank.
"In an Asia-Pacific first, PayPal is working directly with DBS
to enable their customers to conveniently fund their PayPal
accounts directly from their bank accounts, in order to use
PayPal's global payment platform for faster, safer online shopping
with eight million merchants worldwide," said Farhad Irani,
PayPal's General Manager and Vice President of Asia. "We are
delighted with this exclusive collaboration with one of Asia's
leading banks here in Singapore and firmly believe that today is
the beginning of a more secure, enjoyable online shopping
experience for millions of DBS/POSB customers seeking to shop the
world from Singapore."
Funding PayPal accounts with DBS/POSB bank accounts for
card-free online shopping
This new service can be used by all DBS/POSB customers who
currently do not have a credit card, from tertiary students to
young working adults or home-makers. DBS/POSB customers with a
credit card can also use this service if they are uncomfortable
shopping online due to credit card fraud or want to better manage
their spending. As part of the launch promotion for this new
service, DBS/POSB customers will get a SG$10 rebate when spending
at least SG$100 on their first-time transaction through their bank
account-funded PayPal account before September 30, 2010**. For more
information, please visit
http://www.dbs.com/sg/personal/others/paypal/default.aspx .
In order to use this new service, DBS/POSB customers need to
have an existing PayPal account or open a new one at
http://www.paypal.com.sg . In addition to great offers from PayPal
merchants worldwide, PayPal users also enjoy the following benefits
for faster, safer and more secure online payments:
-- Faster with Express Checkout: PayPal users do not have to
enter their
financial details every time they buy an
item;
-- More secure through Online Financial Privacy: PayPal does not
share
users' financial information with merchants;
-- Greater confidence with PayPal's Buyer Protection Policy:
PayPal users
will get a full refund if they do not receive
eligible items that they
ordered.
To activate this new service, DBS/POSB customers can simply log
into their iBanking accounts and add PayPal as a new bill payee.
Funds can then be easily transferred from their DBS/POSB bank
accounts to their PayPal accounts via bill payment from the same
secure iBanking environment.
What Consumers Say
"Using DBS iBanking to transfer money to my PayPal account is
simple and
it gives me the freedom to shop and purchase items online
without having
to rely on credit cards. Besides not having to worry about
credit card
fraud, this service also enables me to track and control my
spending more
easily -- no credit card bill shock for me at the end of the
month."
- Sean Padman McMenamin, 25, Allied Educator
"Online shopping allows me to find and buy items that can only
be found
overseas, like limited edition items or even vintage pieces, or
get better
deals when I shop online with some international retailers.
I can
confidently shop on any overseas website as PayPal's Buyer
Protection
Policy will provide a full refund if I don't receive the
physical items.
By transferring funds from my DBS bank account to my PayPal
account, I can
get all the benefits of online shopping, even without a credit
card."
- Jasmine Foo, 23, Management Trainee
"I used to pester my parents for permission to use their credit
card when
I want to shop online. With this new service, I can now simply
shop using
my own DBS bank account by transferring money to my PayPal
account to
purchase the items that I've been eyeing from my favourite local
blogshops.
The strong Singapore dollar also means that items are cheaper
when I use
PayPal to shop on international websites. Even though I
don't have a
credit card, I still want to get great deals online in Singapore
and
overseas!"
- Eugenia Lim, 18, JC student
* Available only for DBS/POSB Savings and Current
Accounts.
** Terms and conditions apply.
About DBS
DBS is one of the largest financial services groups in Asia with
operations in 15 markets. Headquartered in Singapore, DBS is a
well-capitalised bank with "AA-" and "Aa1" credit ratings that are
among the highest in the Asia-Pacific region.
As a bank that specialises in Asia, DBS leverages its deep
understanding of the region, local culture and insights to serve
and build lasting relationships with its clients. DBS provides the
full range of services in corporate, SME, consumer and wholesale
banking activities across Asia and the Middle East. The bank is
committed to expanding its pan-Asia franchise by leveraging its
growing presence in mainland China, Hong Kong and Taiwan to
intermediate the increasing trade and investment flows between
these markets. Likewise, DBS is focused on extending its end-to-end
services to facilitate capital within fast-growing countries in
Indonesia and India.
DBS acknowledges the passion, commitment and can-do spirit in
each of its 14,000 staff, representing over 30 nationalities. For
more information, please visit http://www.dbs.com .
About PayPal
PayPal is the faster, safer way to pay and get paid online. The
service allows members to send payments without sharing financial
information, with the flexibility to pay using their account
balances, bank accounts (where available), credit cards and other
methods. With more than 87 million active accounts in 190 markets
and 24 currencies around the world, PayPal enables global
e-commerce. The company's open payment platform, PayPal X, allows
developers to build innovative payment applications on multiple
platforms and devices. More information about the company can be
found at https://www.paypal.com.sg .
PayPal is headquartered in San Jose, California and its
international headquarters is located in Singapore.
SOURCE DBS Bank; PayPal Asia Pacific