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

1 min readUpdated May 31, 2016May 31, 20163:00 AM

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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.

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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Questions & Answers

Which specific banks are participating in the expanded Apple Pay launch in Singapore?

MasterCard has confirmed that DBS, OCBC, POSB, Standard Chartered, and UOB are working with them to enable the use of Apple Pay. These five major banks collectively cover a significant portion of the credit and debit cards issued in the country.

What proportion of Visa and MasterCard users in Singapore will be able to access Apple Pay through this new agreement?

The five major banks that have signed up to support Apple Pay represent 80% of all Visa and MasterCard credit and debit cards issued in Singapore. This significantly broadens the availability of the mobile payment service.

How does the current Apple Pay launch compare to its previous availability in Singapore?

Previously, Apple Pay was only available to American Express cardholders in Singapore. This expanded launch extends its use to customers of five major banks who hold Visa and MasterCard credit and debit cards.

Has there been any recent movement in the digital wallet market from Apple's competitors in Singapore?

Yes, Apple Pay's broader launch follows closely on the heels of Samsung's announcement last month regarding its plans to introduce a rival mobile wallet. Samsung is also partnering with DBS/POSB, OCBC Bank, and Standard Chartered.

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