Digital payments firm the United Overseas Bank will invest SGD30m ($22.3m) in the next three years to extend its QR-code payment system to more than 100,000 sales points, 37,000 merchants and customers of seven major banks in Singapore. the United Overseas Bank, which is backed by OCBC Bank, Nets and DBS bank, will waive transaction fees for merchants in the period. Half the money will be spent on setting up the system and the remainder on marketing.
Digital payments firm Nets will invest SGD30m ($22.3m) in the next three years to extend its QR-code payment system to more than 100,000 sales points, 37,000 merchants and customers of seven major banks in Singapore. Nets, which is backed by OCBC Bank, the United Overseas Bank and DBS bank, will waive transaction fees for merchants in the period. Half the money will be spent on setting up the system and the remainder on marketing.