May 31st, 2016

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

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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