Apple Pay Now Available to MasterCard Cardholders in Singapore
MasterCard is working with major banks, including DBS, OCBC, POSB, Standard Chartered and UOB, to enable their customers to use their MasterCard credit or debit cards with Apple Pay.
Apple users in Singapore can now use their iPhone SE, iPhone 6s, iPhone 6s Plus, iPhone 6, iPhone 6 Plus and Apple Watch to make purchases in stores equipped with contactless readers, with just a tap of their iPhone and a thumbprint or passcode for verification, or by simply holding their Apple Watch to the card reader. Within mobile apps, payments can be made on iPhone SE, iPhone 6s, iPhone 6s Plus, iPhone 6, iPhone 6 Plus, iPad Air 2, iPad mini 3, iPad mini 4 and iPad Pro.
Recent figures from MasterCard indicate that consumers in Singapore are supportive of the idea of adopting contactless payments. Consumers in Singapore 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.
Security remains a priority in digital transactions
Security and privacy is at the core of Apple Pay. 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. There is a separate token assigned to each of your Apple devices, which means that not only is the token number different from your ‘real’ card number, but it is also prevented from transacting via any other device. When you use your device for a transaction, it is the token and not the real card number that is provided to the merchant. As an added protection for consumers, Apple Pay incorporates extra security features such as Touch ID to authorise every payment. MasterCard’s secure payment platform, MasterCard Digital Enablement Service, is key to enabling MasterCard cardholders to use Apple Pay.
“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. With Apple Pay, MasterCard cardholders will have the flexibility and assurance to make secure digital payments wherever and whenever they want,” said Deborah Heng, group head and general manager, MasterCard Singapore.
For consumers and retailers alike, every purchase made with a MasterCard using Apple Pay offers all the benefits and guarantees of a transaction with the physical MasterCard – points, cashback and insurance protection.
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.