After debuting in Singapore last month with initial support from American Express, Apple Pay today launched fully in the country with five major banks on board. According to Apple’s support document highlighting participating banks and store cards, the following financial institutions in the country support adding credit cards to Apple Pay: DBS, OCBS, POSB, Standard Chartered Bank, United Overseas Bank and American Express.
These five banks account for 80 percent of all credit card transactions in the country. For AmEx customers, bank-issued cards aren’t supported with Apple Pay.
DBS and OCBS both support MasterCard and Visa credit and debit cards with Apple Pay while POSB supports only MasterCard credit and debit cards.
Standard Chartered Bank supports MasterCard credit and debit cards, and Visa credit cards. United Overseas Bank supports only Visa credit and debit cards with the service.
Like in the United Kingdom, contactless transactions in Singapore are currently limited to SG$100, or approximately $72, before a customer’s signature is required. More than 30,000 retail locations in Singapore accept contactless payments.
According to the official Apple Pay website, some of the local retailers that now accept Apple Pay payments in Singapore include Starbucks, FairPrice, BreadTalk, 7 Eleven, Toast Box, TopShop, Uniqlo and more.
Apple Pay Vice President, Jennifer Bailey, told The Straits Times that other banks like Citibank, HSBC, ANZ and Maybank currently do not support Apple Pay, but said Apple was working to bring more banks on board.
“Now, almost everyone can leave their wallets at home,” she said. “Apple Pay will be a natural extension of what users have been doing at payment counters”.
Counting today’s expansion, Apple’s contactless payments solution is currently live in the United States, the United Kingdom, Canada, Australia, China and Singapore.
The service is expected to roll out in Spain, Hong Kong, India, France, Japan and Brazil later this year or early next year.