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Tag: Pay

  • Maybank joins up with Samsung Pay

    Maybank joins up with Samsung Pay

    Singapore’s Maybank has joined the Samsung Pay bandwagon to help meet its goal of strengthening its digital presence across the region.

    Launched in partnership with Samsung Electronics Singapore, the deployment will enable customers to use their Maybank credit and debit cards to perform transactions at most point‐of‐sale (POS) terminals in Singapore.

    This mobile wallet deployment is expected to bring greater payment convenience to Maybank’s Singapore customers.

    In conjunction with the launch, Maybank Singapore will be offering special promotions for its customers including cash rebates, lucky draws and 1‐for‐1 promotions.

    CEO, Maybank Singapore, Datuk Lim Hong Tat said this partnership with Samsung forms part of Maybank’s digital roadmap for its regional operations, with Singapore being the first ASEAN market to launch Samsung Pay.

    Group Chief Strategy Officer of Maybank Michael Foong, said, “Over 40% of our customers in Singapore are now transacting using their Maybank Singapore contactless credit cards, and cardholders here can now use this Samsung Pay facility virtually anywhere in the world 1 where credit or debit cards are accepted.”

    The launch of Samsung Pay in Singapore follows the bank’s introduction of its mobile wallet in Malaysia last month, and will be followed by the progressive roll‐out of other digital initiatives across the region.

    Other past initiatives include the launch of mobile banking apps with augmented reality in some regional markets, biometric authentication, cardless withdrawals, “e‐ang pows” for festive gifts and even hackathon events for the tech community.

  • M1 will launch Apple Pay in Singapore

    M1 will launch Apple Pay in Singapore

    The operator will allow its customers to use the mobile payment service to make purchases at M1 Shop outlets and branches.

    Apple has meanwhile revealed it has extended the reach of Apple Pay to include holders of credit and debit cards issued by five banks in the country – DBS Bank, OCBC Bank, POSB Bank, United Overseas Bank (UOB) and Standard Chartered Bank.

    The five banks combined account for more than 80% of credit and debit cards issued in the country.

    Apple Pay, which launched last month in Singapore, was previously only available to holders of credit cards issued by American Express in the nation.

    The service is currently available in six markets – Australia, Canada, China, United States, United Kingdom and Singapore, with planned launches for Hong Kong and Spain this year.

    The service can be used on Apple’s iPhone SE, iPhone 6s, iPhone 6s Plus, iPhone6, iPhone 6 Plus and Apple Watch devices for payments at physical retail outlets.

    Banks are likely hoping Apple Pay transactions will increase adoption of contactless payments and eat into a chunk of the small payments pie currently dominated by cash transactions.

    OCBC Bank Singapore is offering its credit and debit card customers a 3% rebate for Apple Pay transactions island-wide in the first month of activation, with a cap of up to S$15 ($11).

    UOB is meanwhile aiming to lift the S$100 transaction limit for contactless payments at all its POS terminals island by the end of next year. The limit has been removed from 2,000 of the bank’s 10,000 terminals so far.

    Figures from a recent MasterCard study have revealed an appetite for digital wallets among consumers in the Asia Pacific, with 19.5% using such wallets, a two-fold increase from two years ago.

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  • Huawei moves further into mobile payments

    Huawei moves further into mobile payments

    Apple and Samsung recognize that revenue from the sale of mobile devices, alone, cannot keep shareholders happy.

    With the vendors venturing into what is arguably one of the most exciting spaces in the financial services space – payments – it begs the questions of who will follow suit and whether the market can afford multiple payment providers.

    Not to be left behind, Chinese mobile phone device manufacturer, Huawei, is accelerating its payments ambition in 2016 with two significant announcements in the first quarter of 2016.

    The first is an agreement with Bank of China to jointly co-develop what the two organizations are claiming to be the next mobile based payment system under the Huawei Pay label. This was followed by a separate announcement with China UnionPay, the country’s state-run bank-card processor.

    This is not Huawei’s first foray into payment. Unofficially, Huawei Pay debuted in China with the launch of the company’s latest flagship smartphone – the Mate S in December 2015 following a test run of the payment service in September 2015. Using NFC technology, placing the Mate S in close proximity to a China UnionPay POS terminal with Quick Pass function will launch the Huawei Pay service.

    Users can complete the transaction via fingerprint authentication. The partnership with UnionPay holds the promise of extending Huawei Pay across China to a broader spectrum of Huawei handset users – mostly smartphones equipped with fingerprint sensors and an NFC chip simply by downloading the Huawei Pay app.

    China UnionPay, which holds a monopoly on bank-card payments in the country, also works with Apple Pay, which was launched in China last month.

    Local market research firm iResearch estimate that third party mobile payment transactions reached 2.42 trillion yuan in the third quarter of 2015, a 64% jump from Q2 2015. The China Internet Network Information Center estimated mobile payments to have risen to 357 million, up 60% from the previous year.

    The Chinese mobile payment market is expected to get very crowded rapidly with other mobile device manufacturers, including Xiaomi, ZTE and Lenovo, rumored to be developing their own mobile payment service. Xiaomi is doing so following its acquisition of a local payment company – Jiefu Ruitong in early 2016.

    According to iResearch China’s mobile payment is dominated by Alipay (70%) and WeChat Wallet (19%). To compete in this market Huawei plans to secure the assistance of more banks as part of its smartphone launch strategy. Without releasing details the company said it is designing more payment scenarios for its smartphone users.

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