Standard Chartered announced the expansion of Straight2Bank Pay, its digital collections gateway for corporate clients, to additional markets in Asia to further support its clients’ growing e-Commerce and m-Commerce aspirations.
Now available in China, Hong Kong, India, Malaysia, Singapore and Vietnam, with more to come including Bangladesh and Kenya, the innovative proposition simplifies collections from various payment methods including instant and QR-based payments, bank transfers, cards and mobile wallets across online, mobile and in-store interfaces.
Through direct connectivity to instant payment schemes across its key footprint markets, along with the partnerships with leading payment service providers and fintech players, Standard Chartered is serving the growing need for efficient digital collections among corporates. Clients can now rely on the Bank as their single collections provider – this means they no longer need to establish multiple technical connections, open multiple accounts, negotiate multiple contracts or undertake due diligence on multiple partners, resulting in operational efficiencies and cost savings.
Another recent addition to the product suite is the Straight2Bank Pay mobile app for corporates. By generating a dynamic QR code using the app, corporates can collect funds in-person from their consumers for in-store or payment on delivery scenarios, while consumers have the convenience to pay by simply scanning a QR code with their mobile device. The app also notifies the corporates’ in-store staff or delivery agent of the transaction status in real-time. The app is now available for download in Singapore at the Apple App Store and Google Play Store, with more markets in the pipeline.
Commenting on the expanded proposition, Judy Bei, Global Head of Payments and Receivables, Cash, Transaction Banking, said: “The global e-commerce market is expected to account for around one-fifth of the total commerce market by 2021, with more than half of this market value driven by mobile payments. As our corporate clients look to capitalise on this opportunity, we want to be their trusted partner in the growth journey, with this expansion of Straight2Bank Pay further supporting their need for a seamless digital collections experience.”
Lisa Robins, Global Head of Transaction Banking, added: “With an extensive footprint across some of the world’s most dynamic markets, we are well-positioned to play the role as a connector bank for our clients, and enable them to successfully manage their flows as they expand their online presence. We will continue to invest and innovate in enhancing our cash management solutions to address our clients’ ever-changing challenges.”