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