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Today at the Singapore FinTech Festival, Visa and OCBC announced a partnership to make money transfers easier than ever. Enabled by Visa Direct, the OCBC app will be the first mobile banking app in Asia Pacific to facilitate instant peer-to-peer transfers to Weixin Pay (WeChat Pay) and Alipay using the recipient’s China national identification name and mobile number, with no transfer fees. This partnership will further accelerate cross-border money transfers in Asia Pacific. According to Visa research in Singapore, almost 50% of Chinese respondents have received money in their digital wallets from overseas, fuelling a need to make cross-border remittances easier, more hassle-free, and safer for those who depend on them. As remittances evolve in the region, Visa Direct’s access to nearly 8.5 billion endpoints, including over 3 billion accounts, over 3 billion cards, and more than 2.5 billion digital wallets globally can make them ever more seamless, convenient, and safe for the people who need them. Learn more: https://vi.sa/3YVT9wn

In Southeast Asia, e-wallets are rapidly emerging as the most used payment method, a trend that’s particularly pronounced in countries like Indonesia and the Philippines where a large proportion of the population still lack access to traditional banking services and where governments are pushing for greater usage of cashless transactions, a new study by Visa shows. https://lnkd.in/gq2iHFkS

Did you know...? The first digital wallet was created in Helsinki in the late nineties for a fizzy drink vending machine where customers could pay with a text message*. Things have moved fast since then. In the UK, the Payments Association describes their use as part of a “seismic shift” in how payments are made*; and they were a hot topic at Sibos this year in Beijing. Experts agree that cross-border payments are rapidly evolving, with digital wallets becoming a crucial element in the global financial ecosystem. We're seeing this trend in real time: there are now two million Global Money customers around the world, using it to spend in 220 markets, so far. We’re thrilled to be one of the first international banks to enable customers to send funds directly to mobile wallets around the world – through HSBC’s Expat mobile banking app. Huge thanks to our Global Money team for their work to make this possible for customers sending money to wallets in mainland China, Colombia, Croatia, Indonesia, Peru and the Philippines. These customers can now use the app’s international wallet transfer feature to send international payments with just the recipient’s phone number. * Sources: Visa: https://grp.hsbc/6044s1Yb0 Payments Association: https://grp.hsbc/6047s1YbN

The country that invented paper money is now leading its disruption – ushering in the fascinating rise of digital payments in China. This week, our blog talks about the recent revolution in cashless mobile payments, and China's role in this disruption. This transformation provides intriguing insights into how society can shift to walletless functionality. What does China's mobile payment adoption project portend for the future of money around the world? We look at key considerations around convenience, financial access, and social change fueled by electronic payment platforms. #DigitalPayments #Fintech #MobilePayments #CashlessSociety #FinancialInclusion #MobileMoney #FuturofMoney #ConsumerTech #PaymentInnovation #ChinaTech #DigitalWallets #FinancialLiteracy #Banking #DigitalFinance #FinancialServices #AsiaBusiness #EmergingMarkets #ConsumerBehavior #eCommerce

China’s cashless evolution is a remarkable story, as the country transitioned in less than two decades from a cash-first society to one with an 86% mobile payments penetration rate. The comprehensive ecosystems of Alipay and WeChat Pay have made payments in China among the most convenient and frictionless in the world with one important caveat: One must be within the domestic Chinese payments ecosystems, with a Chinese bank account that can be tied to the payment apps. #china #payments #cashless https://hubs.li/Q02zMmrH0

African fintech Moniepoint gets Visa backing, plans to work on contactless payments: Visa invests over $10 million in African fintech Moniepoint to support SME growth across Africa, including introducing contactless payments.

The Latest Data on Real-Time Payments Global Expansion https://lnkd.in/gRgqedfu Real-time payments are experiencing significant global expansion as governments, banks, and corporations work to make instant transactions the standard. In the U.S., adoption is accelerating with banks like First Citizens Bank utilizing the RTP® network to offer secure, instantaneous transfers. Australia’s National Australia Bank has integrated international transfers with its domestic system, enabling faster payments across borders. Meanwhile, Europe is advancing through collaborations like Visa’s partnership with Revolut, which supports instant, cross-border transfers. Innovations like Hungary’s qvik system further highlight the global shift towards real-time payments.

The Latest Data on Real-Time Payments Global Expansion Real-time payments are experiencing significant global expansion as governments, banks, and corporations work to make instant transactions the standard. In the U.S., adoption is accelerating with banks like First Citizens Bank utilizing the RTP® network to offer secure, instantaneous transfers. Australia’s National Australia Bank has integrated international transfers with its domestic system, enabling faster payments across borders. Meanwhile, Europe is advancing through collaborations like Visa’s partnership with Revolut, which supports instant, cross-border transfers. Innovations like Hungary’s qvik system further highlight the global shift towards real-time payments. https://okt.to/EPn7XB

China's swift transition from a cash-centric society to one dominated by mobile payments is striking. Within just two decades, mobile payments have surged to an impressive 86% penetration rate, thanks to the widespread adoption of platforms like Alipay and WeChat Pay. Despite this seamless digital ecosystem, foreign visitors have faced obstacles in navigating these payment methods. Recent updates from Alipay, in collaboration with the People's Bank of China, are addressing these challenges head-on. By improving accessibility for international users through measures such as increased transaction limits and simplified registration requirements, China is further solidifying its position as a leader in cashless payments. Discover more about China's journey towards cashless transactions in Forbes: https://buff.ly/3yEOxQA #DigitalPayments

OCBC launches near-instant P2P transfers to WeChat Pay and Alipay Read the full article here: https://bit.ly/4gJigZJ These days, sending money to someone overseas should be as simple and quick as sending a text. That’s exactly what OCBC Bank is offering with its new mobile banking feature, enabling near-instant peer-to-peer (P2P) transfers to WeChat Pay and Alipay. Powered by Visa Direct, this new service allows for fast, seamless cross-border payments from Singapore to China. • OCBC launches near-instant P2P transfers to WeChat Pay and Alipay, powered by Visa Direct. • Transfers from Singapore to China now take seconds, not days. • OCBC plans to expand fast remittance services to Southeast Asia by 2026. #ocbc #wechatpay #alipay #p2ptransfers #crossborderpayments #singaporetochina #digitalpayments #fastremittance #visadirect #remittance #southeastasia #mobilebanking #fintech #digitalwallets #instanttransfers