(Yicai Global) March 27 -- Network for Electronic Transfers Singapore Pte. Ltd., the Southeast Asian country's largest e-payment provider, is teaming up with Tencent Holdings Ltd. to help Singaporeans make digital payments in China via WeChat.
The partnership will allow NETS' users to pay in places that accept WeChat Pay, the digital wallet built into China's largest social app, Singaporean newspaper Lianhe Zaobao reported. Spenders will be able to scan QR codes to make the payments.
NETS and China's largest tech firm Tencent agreed to cooperate in October and the first step of their partnership was to allow Chinese tourists in Singapore to make payments via NETS by scanning QR codes in WeChat, the Southeast Asian firm's Chief Executive Jeffrey Goh said. The two firms are already piloting the scheme for taxis operated by ComfortDelGro Corp.
Many Singaporeans are unable to register for WeChat Pay as it requires members to have a local bank account. Users of PayLah! (DBS Group Holding Ltd.), Pay Anyone (Oversea-Chinese Banking Corp.) and Mighty (United Overseas Bank Ltd.) will also be able to make QR code payments in China when the service goes live, though the companies haven't unveiled a specific timetable.