Under the terms of the contract, DBS/POSB clients located in Singapore will be able to use their bank account to make deposits into their PayPal account in order to shop online with over eight million merchants worldwide in 190 markets and 24 currencies.
A recent research conducted by PayPal and Blackbox has shown that online shopping is gaining a significant foothold among the Singapore residents since more than half of respondents claimed that they intended to purchase online. Moreover, according to the same study, 44 percent of overall expenditure is expected to be spent online.
DBS provides a range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East.
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