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  • Samsung Pay e-wallet to launch in Singapore on June 16

    Samsung Pay e-wallet to launch in Singapore on June 16

    Samsung Pay, the Korean electronics giant’s e-wallet system, will launch in Singapore on June 16.

    At launch, those holding Visa and MasterCard credit or debit cards issued by POSB Bank, DBS Bank, OCBC Bank, Standard Chartered Bank and Citibank will be able to use a compatible Samsung phone to pay at almost all retail outlets that accept credit cards.

    Singapore will be only the fifth country to have Samsung Pay. It was launched in South Korea last August, followed by the United States in September. In March this year, Samsung Pay made its debut in China, while it was launched in Spain just earlier this month.

    “We are excited to bring this service to Singapore consumers and we hope to introduce value-added services to drive and lead innovation in mobile commerce,” said Mr Thomas Ko, vice-president and global general manager of Samsung Pay.

    Samsung Pay allows users to register their credit card details on selected Samsung smartphones with Near-Field Communication (NFC) wireless technology. Once registered, users can tap the phones for payment on almost all credit card payment terminals here.

    This is because Samsung Pay uses a proprietary Magnetic Secure Transmission (MST) technology that works with both traditional magnetic-stripe credit-card terminals and NFC contactless payment terminals.

    Unlike other contactless payment methods that are limited to transactions of $100 or less, Samsung Pay does not have this limit due to its MST technology.

    Four Samsung Galaxy smartphones – the S6 edge+, Note 5, S7 and S7 edge – are compatible with Samsung Pay at launch. Fingerprint authentication is required for each transaction.

    As of February this year, Samsung Pay has over five million registered users and recorded more than US$500 million (S$672 million) worth of transactions globally.

    Rival mobile payment service Apple Pay was launched in April with support for American Express-issued cards only. But as of last month, Apple Pay also accepts Visa and MasterCard credit and debit cards issued in Singapore from five major banks – POSB, DBS Bank, OCBC Bank, UOB Bank and Standard Chartered Bank.

    Apple Pay only works with contactless NFC payment terminals. This limits Apple Pay to only around 30,000 payment terminals in Singapore.

    It also has a $100 cap for most transactions. But UOB has lifted this limit for some merchants, such as Singapore Petroleum Company, Caltex, Metro and The Coffee Bean & Tea Leaf.

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

    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.

  • DBS, POSB customers can withdraw more cash at more retail outlets

    DBS, POSB customers can withdraw more cash at more retail outlets

    DBS Bank and POSB customers will be able to withdraw up to S$200 with any purchase at all Cold Storage, Market Place, Jasons and Giant stores in Singapore, the local bank announced on Thursday (Nov 5).

    Customers can use the complimentary service with a DBS or POSB debit or credit card linked to a savings account. With the latest expansion, there are now around 800 Cash-Point locations islandwide, making it close to 2,000 places to withdraw money for DBS and POSB customers across the country.

    Thursday’s announcement follows last year’s expansion, where customers were able to withdraw S$100 with any purchase at all Guardian Health and Beauty and Sheng Siong stores. The S$100 limit remains for these stores.

    The service was introduced in partnership with 7-Eleven in July 2013, where there is also a S$100 withdrawal limit. The bank said that the average number of Cash-Point transactions every month has risen by 115 per cent since 2014, with the average customer withdrawing S$50 per transaction.

    “As we ramp up our digital banking capabilities, we also recognise that our customers value having a ready withdrawal touchpoint nearby when they need cash,” said Mr Jeremy Soo, Managing Director and Head of Consumer Banking Group Singapore.

    “We have chosen to partner with places frequently visited by our customers so the act of withdrawing cash is integrated with part of their daily journey.”

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