Singapore first in SE Asia to launch Samsung Pay
The service is currently available in South Korea, the United States, China and Spain. Users can use the mobile wallet app to pay with compatible Samsung smartphones at close to 40 retailers ranging from supermarkets such as NTUC Fairprice, Cold Storage, Giant to F&B outlets like Pastamania and Toastbox.
Payment networks such as MasterCard and Visa, as well as major banks such as Citibank, DBS/POSB, OCBC Bank and Standard Chartered are in the service, with American Express joining soon, said Samsung at the launch today.
Samsung said the service will be accepted at the majority of existing and new payment terminals. Its MST (magnetic secure transmission) technology will allow contactless payment on existing merchant terminals that have not been updated to contactless terminals.
It will be available on the Samsung Galaxy Note 5 4G+, S6 edge+ 4G+, S7 4G+ and S7 edge 4G+. Users swipe up on their phones to select a credit or debit card, scan their fingerprint or key in a PIN and make payment.
Samsung Pay uses an encrypted digital token to replace sensitive card information in each separate transaction to prevent fraud.
“As the first market in South-east Asia to roll out our mobile payment service, Singapore will pave the way for the region’s adoption of Samsung Pay,” said Samsung Electronics Singapore president Stephen Suh.
Samsung’s foray into mobile payments in Singapore comes after Apple Pay was launched in Singapore in April, first for American Express-issued cards, followed by customers of DBS/POSB, UOB, OCBC and Standard Chartered yesterday.
Before Apple Pay, there were other cashless payment initiatives — such as Near Field Communications (NFC) technology via phones, and CEPAS (Specification for Contactless e-Purse Application) — which saw limited results. — TODAY
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