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SINGAPORE – A new virtual payment card issued by a Singapore startup will allow you to make cashless payments anywhere in China without having to open a bank account there.
Aleta Planet, a China-focused fintech company started by Singaporean Ryan Gwee, officially launched its AP-1 virtual card for QR codes or contactless payments via UnionPay, a global payment brand, on Friday (December 18). accepted by more than 52 million merchants worldwide.
Aleta Planet’s AP-1 is one of the few foreign virtual cards that can be widely used in China for transactions large and small. Chinese cashless society has often been a challenge for visitors, as many merchants do not accept international credit cards or cash. Payment is made from local bank accounts using mobile payments through QR codes.
But many foreigners do not have local bank accounts. According to Gwee, CEO and President of Aleta Planet, AP-1 can solve these problems.
“Using the AP-1 wallet, Singaporeans and other visitors can pay and shop anywhere in China like a local,” he said.
He explained that AP-1 users can take advantage of UnionPay’s ubiquitous network for various transactions, including buying street food, hailing taxis, and reserving airline tickets.
AP-1 users can also enjoy significant savings through UnionPay’s competitive and direct exchange rates, Gwee added.
“AP-1 is in a unique position to support foreigners because it leverages the UnionPay payment network, a leading payment brand in the world,” he said. “As the borders gradually open, users will find AP-1 an easy, convenient, and secure way to spend like a local in China. For now, they can still benefit from remitting funds to UnionPay cardholders at 60 seconds and enjoy exclusive rewards and promotions from UnionPay In Singapore. “
The Alipay and WeChat wallets also allow tourists to use payment systems in China. But its use is limited to three months and a maximum of 2,000 yuan (S $ 410). AP-1 has no such time or quantity limits.
AP-1 can also be used in Singapore retailers that accept UnionPay or Mobile Quickpass QR code.
Aleta Planet is the latest financial technology to enter the $ 100 trillion (S $ 133 trillion) global payment services market, which has traditionally been controlled by banks.
Tech companies like Alibaba, Apple, Soramitsu, and many others around the world have been disrupting this lucrative market by launching products targeting a more tech-savvy population that prefers cashless payment wallets at home and abroad. Most of these payment systems have been cheaper and faster than legacy bank-owned systems.
Gwee, who worked at Standard Chartered Bank in China for nearly two decades, brought together a team of banking and technology specialists to launch Aleta Planet in 2014. Initially, it focused on business-to-business cross-border digital payments via UnionPay. network, but has now expanded to business-to-consumer service offerings.
As a Certified Lead Member of UnionPay International, Aleta Planet enables merchants to accept more than 8.4 billion UnionPay cards issued globally. It also plans to issue UnionPay retail and business cards.
Earlier this year, Aleta Planet launched a remittance service on UnionPay’s MoneyExpress network to enable the 380,000 Chinese citizens working in Singapore to send money safely and quickly to China.
It also announced its partnership with the comprehensive lifestyle app Nestia to enable its more than 600,000 registered members to make online and offline payments using a UnionPay virtual card.
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