Smith joins PayPoint UK as managing director
PayPoint UK has announced that Seamus Smith will become the company’s new managing director.
Read MoreTag: Citibank
Post Office welfare contract loss described as a “betrayal”
Industry bodies have hit out at the UK Government after Post Office Ltd lost its contract to provide welfare payments.
Read MoreDeutsche Post DHL backs growth ambition with $2.6bn credit line
Deutsche Post DHL has secured a $2.6bn line of credit with a consortium of international banks as it seeks to improve its financial position.
Read MoreTwo out of three post offices could close if Royal Mail loses contract and EU subsidy
The Post Office Card Account contract is seen as a lifeline for many branches and cannot be used in other banks or shops.
Read MoreSingapore banks rush to heed e-commerce call
With more Singaporeans shopping on U.S. Web sites, banks are scrambling to partner logistics providers to take care of an existing hole in service-many sites do not ship to Singapore.
These banks are offering a packaged service where shoppers can pay by credit card and have the item processed by the banks’ delivery service provider partners, regardless of whether the sites offer international delivery.
Card merchants are hoping the one-stop service will hit a high note with the current rise in demand in online shopping in the country.
Radha Suvarna, Director of Portfolio Management and Cross Sell, Credit Payment Products at Citibank Singapore, said in an e-mail interview: “Citibank’s service comes at a time when online shopping is a fast-growing trend in Singapore. More secure shopping websites and a favorable U.S. currency conversion have helped boost the popularity of such services.”
Customers are also interested in shopping online for exclusive deals and products that cannot be found in physical shops here, he added.
The bank has a five-year contract with U.K. based e-commerce service provider, Borderlinx, which provides a U.S. mailing address for users to use with U.S. sites that only provide domestic shipping. Borderlinx has its own agreement with third-party logistics giant, DHL, to complete the loop and provide shipping back to Singapore.
Feedback the bank gathered reveal customers were drawn by the convenience of the packaged service as well as the brand name of DHL.
Another bank, OCBC Bank, has also been eyeing the e-shopping market.
Lynn Gaspar, Head of Lifestyle Credit at OCBC said Internet shopping has become “such an integral part of our cardmembers’ lifestyles”, adding that response has been positive to the “lower delivery rates” the bank has offered.
OCBC’s partner, comGateway, provides the logistics backend for the service, providing the U.S. mailing address and shipping for customers.
Read More- 1
- 2
Post & Parcel Magazine
Post & Parcel Magazine is our print publication, released 3 times a year. Packed with original content and thought-provoking features, Post & Parcel Magazine is a must-read for those who want the inside track on the industry.