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Apple Pay ties up 5 banks in Singapore

Apple Pay ties up 5 banks in Singapore

(26 May 2016 – Singapore) Five major banks in Singapore have signed up to the Apple’s mobile payment service.

Cumulatively, the five banks - POSB, DBS Bank, OCBC Bank, United Overseas Bank (UOB) and Standard Chartered Bank - account for more than 80 per cent of the Visa and MasterCard credit and debit cards issued in the country.

Their customers can now add their card details to a "digital wallet" stored on their iPhones, iPads and Apple Watches.

Although Apple Pay was launched in Singapore last month, only American Express-issued cardholders had access to the technology.

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."

She added that the technology giant is working to bring more banks on board. Notably, Citibank, HSBC, ANZ and Maybank still do not work with Apple Pay in Singapore

South Korean phone manufacturer, Samsung is also set to launch its mobile payment technology next month. Samsung Pay will allow its users with the latest Android devices to make contactless payments. The firm has partnered with both Visa and MasterCard, as well as a number of banks, to launch the service.

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