Samsung Electronics Singapore announced that Singapore will be the first market in the region to introduce the company’s flagship mobile payment service, Samsung Pay. By as early as Q2 2016, Singapore will join South Korea, U.S and China in the list of Samsung’s priority markets to roll out this service.
The service will cater to a positive demand in Singapore where 71% of Samsung users have indicated interest in using Samsung Pay once it becomes available. This was based on a research study commissioned by Samsung in February this year on users’ interest in Samsung Pay involving 400 Singapore respondents.
“We are extremely excited that Singapore is the first market in Southeast Asia to roll out Samsung Pay. Singapore’s connectivity and openness are ideal conditions for our new mobile service to thrive, together with the interest and readiness of consumers here in adopting this new method of payment,” said Injong Rhee, EVP and Head of R&D, Software and Services of Mobile Communications Business at Samsung Electronics.
Samsung Pay is strategically expanding its partnership ecosystem to provide greater flexibility, access and choice for customers in Singapore upon its launch. The service has confirmed its partnership with major payment networks – American Express, MasterCard and Visa, and major banks such as DBS/POSB, OCBC Bank and Standard Chartered.
Deborah Heng, group head and general manager, MasterCard Singapore said, “Mobile phones are becoming indispensable to the daily lives of Singapore’s digitally savvy population who are looking for new ways to pay. According to MasterCard’s Mobile Shopping Survey 2016, digital wallets have seen the fastest uptake amongst Singapore consumers with a four-fold increase over the last year. This partnership with Samsung will offer MasterCard cardholders a new way to make payments simply, securely and swiftly with just a tap of their Samsung mobile phones.”
“Today, more than one in three Singaporeans are making Visa payWave contactless payments, so we believe the time is right for consumers to embrace mobile payments. The introduction of Samsung Pay will continue to help displace cash and help to propel Singapore towards a cashless society. Visa is pleased to work with Samsung to introduce Samsung Pay, enabled by Visa Token Service for secure payments,” said Ms. Ooi Huey Tyng, Visa Country Manager for Singapore and Brunei.
Desmond Tan, Head of Group Lifestyle Financing, OCBC Bank said: “Our partnership with Samsung Pay is an opportunity for us to bring the ease and benefits of mobile payments to our customers. This also allows us to provide our customers with more choice in the payment methods they use. Samsung Pay’s interface is simple, swift and safe to use, and coupled with OCBC’s wide network of commercial partners, which includes major supermarkets, departmental stores and dining outlets, 1.5 million of our card customers can soon choose to adopt mobile payments and rely less on cash.”
„Samsung is currently expanding its network of partnerships and providing training for cashiers at partnering retailers and merchants in preparation for the roll out of Samsung Pay in Singapore. Samsung will also be engaging consumers to participate in a beta usage trial to test the service ahead of the launch in Q2 2016. Samsung Pay will be available on the Samsung Galaxy Note 5 4G+, Galaxy S6 edge+ 4G+, Galaxy S7 4G+ and S7 edge 4G+ upon its launch in Singapore.”, according to the press release.
While Samsung has the support of all three major card schemes and a number of prominent banks for its launch into SouthEast Asia, rival Apple Pay is currently only available in Singapore for American Express cardholders.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
