25 May 2016

MasterCard supports Apple Pay in Singapore

MasterCard cardholders in Singapore can now use Apple Pay to pay in a simple, secure and seamless way. 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.

Security remains a priority

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 GM, MasterCard Singapore.

For consumers and retailers alike, every purchase made with a MasterCard using Apple Pay is a transaction that 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.

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.

MasterCard's Mobile Shopping Survey*, announced in February this year, reveals that consumers in Asia Pacific are embracing new mobile technologies with one in five (19.5%) using digital wallets, a two-fold increase from two years ago (9.7%). Smartphone users in emerging markets, China (45%) and India (36.7%) are the biggest adopters of digital wallets in the region, but smartphone users in Singapore (23.3 percent) come in third.

In Singapore, mobile banking apps (44.3%) are most widely used among other new mobile technologies, followed by digital wallets (23.3%) and in-app shopping (22.8%). Digital wallets have seen the fastest uptake over the last year with a four-fold increase (5.7% in 2014), compared to mobile banking apps and in-app shopping which saw a growth of 3.7% and 7.8% respectively.

In addition, the survey found that half of respondents in Asia Pacific had made a purchase using their smartphones in the last three months. Three quarters of people in India (76.4%) and China (76.1%), recently shopped on smartphones. In Singapore, 48.5% of respondents have made a purchase through their mobile phones in the last three months, an increase from 36.7% in 2014.The top three spend categories are clothing and other fashion accessories (37.3%), coupon/deal sites (22.3%) and tickets for movies (22.1%).
  • Overall, close to half of respondents (48.5%) across the region have made a purchase using their smartphone in the past three months, with South Korea (62%) and Thailand (61.1%) in third and fourth places, behind India and China. On the other end of the spectrum, Australians (23.7%) and New Zealanders (16.2%) are the least likely to shop online via their mobile phones. 
  • India tops the region in growth rates, with the number of people shopping on smartphones rising by 29.3% from two years ago, followed by Vietnam (17.7%) and Singapore (17.1%).
  • More than half of the respondents across Asia Pacific (53.9%) cited convenience as the key driver for shopping on their smartphone. Other motivating factors include the ability to shop on the go (42.9%) and the growing availability of apps that make it easy to shop online (41.4%). 
  • Clothing and accessories (35%), personal care and beauty products (20.9%) and movie tickets (20.4%) are the top mobile shopping purchases amongst Asia Pacific consumers. Close to half of consumers in China (46.4%), India (42.5%) and Korea (42.1%) shop for clothing and accessories on their smartphone.

Get more information on Apple Pay

Read the WorkSmart Asia blog post on Apple Pay in Singapore

*The results are based on interviews that took place between October and December 2015 with 8,500 people aged 18-64 across 14 markets in Asia Pacific: Thailand, mainland China, Japan, Korea, Australia, Malaysia. New Zealand, Taiwan, Vietnam, Hong Kong, Indonesia, Singapore, India. and the Philippines. 

posted from Bloggeroid