Apple Pay, the flagship e-payment solution of Apple, Inc. (NASDAQ:AAPL), is now available for MasterCard, Inc. (NYSE:MA) clients in Singapore, allowing them to transact with their iPhone and or Apple Watch units.
Now, Apple users in the country can use their devices to complete their purchases through contactless payment readers shortly after the introduction of Apple Pay in Singapore last month. Apple Store transactions can also be fulfilled with Apple Pay. Compatible models include the iPad Pro, iPad Mini 4, iPad Mini 3, iPad Air 2, iPhone 6, iPhone 6 Plus, iPhone 6S, iPhone 6S Plus, and the latest iPhone SE.
Contactless Payment in Singapore
In Singapore, the idea of contactless payment technology is widely accepted. The country, according to MasterCard, is one of the top three Asian countries that make wide use of digital wallets. Today, 25% of the consumer population are likely to use e-payment solutions. Three years ago, only 5% were likely to do so.
Deborah Heng, MasterCard Singapore Group Head and General Manager GM, said that consumers in the country play a major role in changing the dynamics of retail and merchandise. As they continue to prefer e-commerce to traditional retail methods, the involvement of electronics in the realm of shopping and payment continue to expand.
When it was first launched in Singapore earlier this year, Apple Pay was only limited to American Express Co. (NYSE:AXP) clients. Samsung Electronics Co. Ltd. also launched its e-payment solution, Samsung Pay, in the Asian country right after the iPhone maker. Initially, Samsung Pay supported American Express, MasterCard, Visa, Inc. (NYSE:V), and other leading banks.
Apple Pay in Singapore
Ng Zhi Ying, Forrester e-business and channel strategy researcher, noted that the success of Apple Pay in Singapore might be slower than expected despite the broad growth of contactless payment technology in the country.
She explained that while Singaporean banks’ have dashed to team up with Apple, they should not concede immediately to the idea of e-payment solutions. Financial institutions need to consider carefully what partnerships and collaborations with Apple would mean for them in the long-run.