Samsung Pay is to launch in Singapore as early as Q2 2016, with support from major banks such as DBS/POSB, OCBC Bank and Standard Chartered.
Singapore will join South Korea, US and China in the list of Samsung’s priority markets for roll out of the mobile payment service.
The tech giant says the service will cater to a positive demand in Singapore where 71% of 400 Samsung users interviewed in February indicated interest in using Samsung Pay once it becomes available.
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.
Injong Rhee, EVP and head of R&D, software and services of Mobile Communications Business at Samsung Electronics, says: "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.”
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.
Samsung is also expanding its network of partnerships and providing training for cashiers at partnering retailers and merchants in preparation for the roll out. Consumers will be invited to participate in a beta usage trial to test the service ahead of the launch in Q2 2016.
Desmond Tan, head of Group Lifestyle Financing, OCBC Bank says: “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.”