MasterCard holders in Singapore who are customers of Citibank, DBS/POSB, OCBC Bank and Standard Chartered will be able to pay for their purchases using Samsung Pay from next Thursday (16 June 2016).
Consumers can make a payment on Samsung Pay by swiping up on their compatible Samsung smartphone to bring up the last transacted MasterCard credit or debit card, scan their fingerprint and make payment. The mobile payment service is now available on Samsung Galaxy Note 5 4G+, S6 edge+ 4G+, S7 4G+ and S7 edge 4G+.
To ensure that the service is secure, each transaction uses an encrypted digital token to replace user's personal payment information, and payments can only be authorised with approved fingerprint or PIN. Malicious software and activities on a user's device are also monitored to further protect consumers, according to Samsung and MasterCard's press statement.
"According to the MasterCard Mobile Shopping Survey 2016, digital wallets have seen the fastest uptake amongst consumers in Singapore, with a four-fold increase compared to a year before. The availability of Samsung Pay will see consumers tapping Singapore's comprehensive contactless payment infrastructure to make purchases simply, swiftly and safely, a phenomena that is only set to grow as Singapore's digitally savvy population become increasingly receptive to using mobile payments for all purchases," said Deborah Heng, Group Head and General Manager, MasterCard Singapore.
"At Citibank, we continue to prioritise our efforts to make banking easier for our customers by leveraging digitisation and innovation. By offering [Samsung Pay], we bring added convenience to our credit card customers who can now simply use their mobile phones to tap and pay for their purchases," John Denhof, Head of Cards and Personal Loans at Citibank Singapore Limited commented.
"By working with MasterCard [and our ecosystem of partners across payment networks, banks, retailers and merchants], we are making sure that Samsung customers will be able to use Samsung Pay almost anywhere cards are accepted when the service becomes available in Singapore," said Thomas Ko, global Co-General Manager of Samsung Pay at Samsung Electronics.
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