Apple Pay Fosters Banks’ Enthusiasm for Cashless Payments in Singapore

Less than two months after its launch in Singapore, Apple Pay is proving popular in the country, and DBS Bank is seeing the writing on the wall. The financial institution is trying to get Singapore’s other major banks to raise spending limits for contactless transactions.

Apple Pay Fosters Banks' Enthusiasm for Cashless Payments in SingaporeDBS reports that over 47,000 of its customers’ credit and debit cards have already been uploaded for use on Apple Pay, and that it has seen contactless payments in general increase since it began supporting the mPayment platform on May 25th. Speaking to media, DBS executive Anthony Seow said the bank’s Apple Pay credit card users are averaging three contactless payments a week, up markedly from the average of two weekly contactless credit card transactions seen before Apple Pay’s launch.

Accordingly, DBS is seeking to increase the spending limit for contactless transactions from $100 to $200. United Overseas Bank has already gone ahead with such a measure for its customers’ mPayments, but DBS is trying to work with other financial services organizations to make it an industry-wide effort. “With all our plans, the idea is to displace cash,” Seow said, adding that eschewing cash would increase merchants’ productivity.

It’s all part of the digital revolution being wrought by disrupters like Apple Pay and its mPayment rivals, as well as PayPal. While some banks have resisted the changes sweeping across the financial services industry, others like DBS are clearly trying to get ahead of them.

Source: The Straits Times