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SINGAPORE : One supermarket chain is tapping the large number of China-born residents in Singapore to grow its business.
Sheng Siong said it has seen a significant increase in clientele from this group of people, so it is making it more convenient for them to shop by introducing a new payment option.
Under a tie-up with e-payments service provider NETS, Chinese nationals will be able to use their China UnionPay (CUP) bank debit cards to pay for their groceries at all 23 Sheng Siong outlets.
CUP is the largest domestic debit card network in China, with more than 1.9 billion cards issued to date.
The card is a vital payment tool for Chinese nationals overseas, as they can only bring out of the country a maximum US$50,000 in cash a year, and most do not own an international credit card.
CEO Poh Mui Hoon said NETS has seen exponential growth in the usage of its NETS-CUP service since it was launched in 2005.
Just last year, CUP transaction volumes rose 22 per cent year-on-year.
- CNA/al
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