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Five major banks lined up to support Apple Pay launch in Singapore

25 May 2016  |  6398 views  |  0 Singapore Building 1

Five major banks, representing 80% of Visa and MasterCard credit and debit cards issued in Singapore, have signed up to Apple Pay, extending the use of the mobile wallet beyond a limited earlier release for AmEx cardholders.

MasterCard says it is working with DBS, OCBC, POSB, Standard Chartered and UOB, to enable iPhone and Apple watch users to make purchases in stores equipped with contactless readers.

Recent figures from MasterCard indicate that consumers in Singapore are supportive of the idea of adopting contactless payments. Singaporeans are among Asia’s top three adopters of digital wallets and interest has been climbing steadily with one in four likely to use a digital wallet compared to just one in 20 three years ago.

Research from Visa suggests around eight in ten Singaporean consumers are 'likely' to pay for goods and services in brick-and-mortar stores using their mobile phones over cash and physical cards. "This positive consumer sentiment towards mobile payments, coupled with the increased adoption of contactless payments, will drive mobile transactions to an unprecedented level,” forecasts Ooi Huey Tyng, Visa country manager for Singapore and Brunei.

Apple Pay's launch comes just a month after Samsung announced plans to roll out its rival mobile wallet with the support of DBS/POSB, OCBC Bank and Standard Chartered. Previously, Apple Pay had only been available for American Express cardholders in Singapore.
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