SINGAPORE - DBS, OCBC Bank, American Express and Standard Chartered Bank credit card users in Singapore will be able to use Samsung Pay, Samsung's mobile payment service, when it rolls out here later this year.
The Korean tech giant announced today at Mobile World Congress in Barcelona, Spain, that Samsung Pay's roll-out in Singapore follows that in China in March, as well as that in Australia, Brazil, Spain and the United Kingdom later in the year.
Samsung Pay allows credit card owners to register their card details on select Samsung smartphones with near-field communication (NFC) wireless transmission technology. Users can then pay for goods and services by tapping their mobile devices on a contactless card reader at the cashier.
The NFC phones also come with a fingerprint reader, which adds a level of security to the credit cards, as payment cannot be completed without the card owner's fingerprint.
Samsung Pay will support four major payment networks: American Express, China UnionPay, MasterCard and Visa.
The service, launched in South Korea and the United States six months ago, has five million registered users chalking up transactions of over US$500 million (S$700 million) to date.
"With Singapore having the world's highest penetration in smartphones, we see great potential in providing mobile-led and innovative solutions to our customers," said Mr Anthony Seow, Head of Cards and Unsecured Loans, Consumer Banking Group, DBS Bank.
"DBS' partnership with Samsung Pay represents the next wave in card payment solutions, allowing DBS consumers to effectively use their smartphones as their credit and debit cards without compromising on security."
Local Samsung Pay card owners can use the platform in the countries where the service is available.
Samsung phones that offer biometric security and support NFC include the Samsung Galaxy S6, Samsung Galaxy S6 edge, Samsung Galaxy Note 5, as well as the upcoming Samsung Galaxy S7 and Galaxy S7 edge, which will go on sale here on March 12.
Samsung's key competitor, Apple, had said that it will also be rolling out its mobile payment service, Apple Pay, here sometime this year. The American company has not disclosed subscriber numbers or transaction amounts for Apple Pay.
