DBS Bank has inked a deal with U.S.-based online-payments provider PayPal Inc. in which the bank’s customers will be able to use PayPal to make online purchases, Singapore’s largest bank announced March 17.
The two parties signed an agreement that will enable DBS’s 4 million customers to shop online not only with their credit cards but also by debiting their bank accounts to fund their PayPal accounts, according to a statement by the bank.
DBS customers represent 90% of Singapore’s overall bank-account base, according to the bank’s statement. In addition, the bank has the largest consumer Internet banking customer base with more than 1.35 million customers and a 35% market share, according to the bank.
“Our partnership with the leading online-payment provider PayPal will enable us to enhance our online offering,” said Rajan Raju, group executive and head of the consumer banking group at DBS. “Our two-year exclusivity deal with PayPal is certainly a Singapore first.”
DBS customers will be able to use this payment service by the middle of this year.
Both parties did not respond to requests for comment on the deal.