Customers living in China now may shop at online retail stores based is Singapore and make their payments from their domestic bank accounts through a new payment service.
Singapore-based electronic-payments provider Nets Pte. Ltd. last month began offering the eNets China Payment service, which enables direct-debit payments from Chinese domestic bank accounts.
To use the service to shop at Singapore-based online retailers, Chinese customers need only to key in their Internet banking ID and password, a Nets customer service official tells PaymentsSource.
“ENets China directly links to China’s domestic banks, so customers will not need to make extra inputs,” she adds.
The service will convert Singapore dollars to Chinese renminbi at the point of payment, allowing the buyers to know specifically how much they are paying, the spokesperson says.
However, Nets will continue to pay merchants in Singapore in Singapore dollars less the merchant fee, which the official declined to disclose.
ENets China Payment will be available for customers of more than 30 banks in China, including the Industrial and Commercial Bank of China Ltd., Agricultural Bank of China Ltd., and Bank of China Ltd., the official says.
Nets, which enables online-payment services for banks, merchants and other payment gateways, also provides the eNets service for Singapore’s citizens and merchants.
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