DBS introduces Apple Pay in Singapore
By Digital News Asia May 27, 2016
- Visa, Mastercard customers eligible
- Works on a number of Apple devices
STARTING immediately, DBS/POSB customers will be able to use Apple Pay in Singapore. With some five million credit and debit cards in circulation, the bank is the largest card issuer in the country.
All customers with any DBS/POSB Visa and MasterCard consumer credit or debit cards are eligible to use Apple Pay. Apple Pay works with iPhone SE, iPhone 6s, iPhone 6s Plus, iPhone 6, iPhone 6 Plus and Apple Watch.
When you use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorised with a one-time unique dynamic security code.
Said Anthony Seow, Head of Cards and Unsecured Loans, Consumer Banking Group, DBS Bank, “We are delighted to bring Apple Pay to our customers. Being at the forefront of banking and payments innovation, we are constantly looking to provide our customers with a comprehensive and innovative suite of mobile-led solutions.”
“The biggest change we’ve seen in the payments space recently is the transformation of every electronic device into a shopping device, from mobile phones to watches. The readiness of Singapore’s consumers to embrace mobile payments, coupled with the rapid uptake of mobile payments is quickly changing the dynamics of shopping and transacting online,” said Deborah Heng, group head and general manager, MasterCard Singapore.
With the MasterCard Nearby app, a location-based app that identifies retailers that accept contactless payments, cardholders can easily locate shops which accept Apple Pay. These locations are part of the MasterCard contactless global footprint of 5 million contactless terminals in 77 countries around the world.
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