The launch of special credit card marks the first-ever partnership between a bank and e-retailer in Singapore.
The Bank of China Singapore Branch (BOCSG) launched a co-brand Mastercard credit card with Singapore’s largest online retailer Qoo10. This marks the first-ever partnership between a bank and e-retailer locally, a media release says. The new card, which caters to both working adults and students, aims to bring greater value to online shoppers and drive e-commerce growth in the region.
Findings from the Mastercard Online Shopping Survey shows that Qoo10 is one of the most frequently visited websites for online shopping in Singapore. The report also found that around 80 per cent of consumers perceive online shopping as convenient and tend to revisit the same e-commerce sites. However, despite high e-commerce adoption, convenient payment methods and payment security continue to be the top two aspects impacting online shopping.
Innovative Payment Technologies
«In recent years, online shopping has become increasingly popular, with more than 75 per cent of consumers in Singapore making purchases online. In addition to enjoying the simplicity and convenience of Mastercard’s innovative payment technologies, BOC cardholders will also value the peace of mind provided by our best-in-class safety and security features,» Deborah Heng, country manager, Mastercard Singapore, said,
BOCSG has a local network of 23 touch points, giving customers access to customised and innovative banking solutions. It is the first and only bank in Singapore to support cross-border UnionPay QR code payment service globally and the only bank in Singapore to offer premium cards across all three payment networks (Mastercard, UnionPay and Visa).
