Apple has finally launched in Singapore with the support of five major banks. Apple’s mobile payment service had been debuted in the country last month with the initial support from only American Express.
As per the Apple’s support document, DBS, OCBS, POSB, Standard Chartered Bank, United Overseas Bank and American Express are the financial institutions that have added support to Apple Pay.
Apple Pay Launched in Singapore with Five Major Banks’ Support
These top five banks account for 80% of all credit card transactions that take place in the country. While DBS and OCBS support MasterCard as well as visa debit and credit cards, POSB has only MasterCard credit and debit cards support. Standard Chartered Bank has the support of MasterCard credit, debit cards, and Visa credit cards, whereas United Overseas Bank supports only Visa credit and debit cards.
As of now, contactless transactions are limited to only SG$100 (about $72. Currently, over 30,000 retail stores accept contactless payments in the country.
Apple Pay vice-president Jennifer Bailey said, “Now, almost everyone can leave their wallets at home. Apple Pay will be a natural extension of what users have been doing at payment counters. Citibank, HSBC, ANZ and Maybank still do not work with Apple Pay [but] Ms Bailey said Apple is working to bring more banks on board.”
Since contactless payment had been well-established in the country for quite some time, Apple had set its eye on it for long a time.
According to reports, the tech giant is planning to bring its mobile payment service to other countries like India, France, Japan, Brazil, Spain and Hong Kong by the end of this year.