PAYPAL AND DBS COLLABORATE TO MAKE GLOBAL ONLINE SHOPPING
MORE CONVENIENT
****
DBS / POSB customers to pay for their online purchases overseas
by using their bank accounts
SINGAPORE, 17 March 2010 - PayPal and DBS Bank, Singapore's largest bank, today signed an agreement to offer 4 million DBS/POSB customers yet another payment choice for their online purchases via PayPal. DBS/POSB customers can now shop online not only with their credit cards but soon by debiting their DBS/POSB bank accounts to fund their PayPal accounts.
DBS/POSB customers make up 90 percent of the bank account holders in Singapore, and through PayPal, they can shop online conveniently at leading Singapore merchants as well as at nearly eight million retailers globally.
"With PayPal's large and growing international merchant community, there is more opportunity than ever for customers to access goods and services from the global marketplace," said Scott Thompson, president of PayPal. "We are very excited to partner with Singapore's leading bank to make online payments even faster and easier for DBS customers."
Cross border trade accounted for approximately 25 percent of PayPal's total payment volume of USD 71 billion in 2009.
Consumers today lead an increasingly fast-paced lives and online shopping has become a more convenient channel to shop for many Singaporeans. With the largest consumer internet banking customer base of more than 1.35 million customers and a 35 percent market share, DBS has seen a steady increase in iBanking users over the past year. The bank has also seen an average of about three million logins a month to its iBanking service, with transaction values increasing over the past two years.
"DBS is committed to providing our customers here with a wide range of payment channels. Our partnership with the leading online payment provider PayPal will enable us to enhance our online offering. It gives our customers greater choices to shop and pay online in a more convenient manner, "said Mr. Rajan Raju, Group Executive and Head of the Consumer Banking Group at DBS.
"Our two-year exclusivity deal with PayPal is certainly a Singapore first. We are also exploring how we could widen our partnership to benefit our customers in Asia," added Mr Raju."
DBS/POSB customers will be able to use this payment service by the middle of 2010.
About DBS
DBS - Living, Breathing Asia
DBS is one of the largest financial services groups in Asia with operations in 16 markets. Headquartered in Singapore, DBS is a well-capitalized bank with "AA-" and "Aa1" credit ratings that are among the highest in the Asia-Pacific region.
As a bank that specializes 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 www.dbs.com.
About PayPal
PayPal is the faster, safer way to pay and get paid online. The service allows members to send money without sharing financial information, with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing. With more than 81 million active accounts in 190 markets and 24 currencies around the world, PayPal enables global ecommerce. PayPal is an eBay company and is made up of three leading online payment services: the PayPal global payment service, the Payflow Gateway and Bill Me Later. 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.
PayPal is headquartered in San Jose, California and its international headquarters is located in Singapore.