Standard Chartered and Allinpay allow cross-border payments in real time using a QR code.

Standard Chartered Bank (“the Bank”) and Allinpay Merchants Services (Singapore) Pte Ltd, part of Allinpay International Group (“Allinpay”), today announced their partnership that will enable Allinpay merchants in Hong Kong to accept PayNow instant payments in Singapore dollars through QR code. This is the first such solution provided by a bank and a fintech payment company to promote cross-border QR payments in Hong Kong.

Allinpay serves a merchant network of more than 30,000 collection points in Hong Kong, offering comprehensive, integrated payment solutions, including international credit and payment cards, as well as e-wallets such as Alipay and WeChat Pay.

This latest collaboration will enable merchants participating in Allinpay in Hong Kong to now accept Singapore PayNow QR payments (both online and in-store) without the need for any additional technology investment, infrastructure integration or operational changes. In addition, the decision opens up the potential for merchants in Hong Kong to generate additional revenue from travelers from Singapore as normal travel resumes as COVID restrictions ease.

Tai Tiong Hin, CEO, Allinpay Merchants Services (Singapore) Pte Ltd. said: “Now is the time to lead PayNow QR payments in Hong Kong merchants with the resumption of travel. We are confident that this partnership will deliver hassle-free, real-time digital payments through Allinpay’s integrated platform to truly meet our customers’ needs for better international payments, cost savings and a mobile lifestyle.”

This solution is made possible by Standard Chartered’s proprietary solutions, including the “Straight2Bank Pay” multi-channel gateway and the “SCALE” API-based FX pricing engine.

Ankur Kanwar, Singapore & ASEAN Head of Cash, Standard Chartered Bank, said: “Standard Chartered is thrilled to partner with Allinpay and bring this partnership to life. By reaching this milestone to accelerate the wider use of contactless cross-border payments, we are paving the way for a whole new digital world of transactions. With the ability to access more than 20 instant payment infrastructures worldwide, we hope to expand this solution to more markets in the future, enabling our FinTech partners to provide their merchants with a fast and convenient experience and drive the tourism economy.”

Singapore PayNow users can instantly pay for their Hong Kong dollar (HKD) purchases with their Singapore dollar (SGD) equivalent using a PayNow QR code. The Singapore dollar to Hong Kong dollar exchange rate is retrieved in real time and displayed on the cash register at checkout. Once users scan the QR code and make the SGD equivalent payment, the funds will be immediately deducted from the user’s SGD bank account in Singapore to complete the transaction.

This solution is beneficial for both buyers and sellers. Travelers from Singapore can now make cashless purchases at participating stores in Hong Kong and see the exact amount paid in Singapore dollars, while saving on foreign currency conversion and administration fees. Merchants in Hong Kong who accept PayNow payments will not pay credit card transaction fees and will be able to reduce their cash processing costs.