DBS Bank will be bringing Apple Pay to its customers in Hong Kong this summer.
The move comes after the bank announced that it is offering the mobile payment service to its customers in Singapore in late May.
With Apple Pay, consumers can pay without physical cards or cash. After registering their credit cards onto their mobile devices, consumers will only need to tap their phone or smartwatch onto the contactless payment terminals at participating brick-and-mortar retailers to pay for their purchases.
The mobile payment service also simplifies online shopping as it eliminates the need to repeatedly fill out payment and shipping details, according to Apple.
To ensure that payments via Apple Pay are secure, the actual credit or debit card numbers are not stored on the mobile device or Apple servers. Instead, a unique device account number is assigned, encrypted and securely stored in the secure element on the device. Each transaction is authorized with a one-time unique dynamic security code.
Offering Apple Pay is part of the bank's initiatives to "further explore and develop exciting ways to enhance and evolve how [its customers] spend and pay every day," said Ken Chew, Managing Director of Consumer Finance and eBusiness, Consumer Banking Group and Wealth Management of DBS Bank Hong Kong.
Besides bringing Apple Pay to its customers, the bank recently launched the DBS Omni Credit Card Companion Mobile App, which allows its credit cardholders to easily track and budget their spending, as well as instantly redeem for cash rebates when they spend worldwide.
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