Some 71% of Samsung mobile device users in Singapore keen to try Samsung Pay had their wish granted, as the giant mobile device manufacturer chose Singapore as the first country in South-east Asia to get the company’s flagship mobile payment service.
By as early as the second quarter this year, Singapore will join South Korea, the US and China in the list of Samsung’s priority markets to roll out this highly anticipated mobile payment service.
Samsung Pay is a secure and easy-to-use mobile payment service that can be used to make purchases almost anywhere credit and debit cards are accepted. The service will cater to a positive demand in Singapore where, according to the company, 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 South-east 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, executive vice-president and head of R&D, Software and Services of Mobile Communications Business at Samsung Electronics.
“Samsung Pay is an example of how Samsung is always striving to introduce new technologies that help to enhance and improve the quality of lives of consumers, especially as Singapore moves towards becoming a smart nation. Our goal has always been to drive and lead innovation that matters, and we are happy to extend this into the mobile commerce space.”
Extensive partnership ecosystem
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.
“Mobile phones are becoming indispensable to the daily lives of Singapore’s digitally savvy population who are looking for new ways to pay,” said Deborah Heng, group head and general manager, MasterCard Singapore. “According to MasterCard’s Mobile Shopping Survey 2016, digital wallets have seen the fastest uptake among Singapore consumers with a four-fold increase over the past 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.”
Ooi Huey Tyng, country manager, Visa, for Singapore and Brunei, added: “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.”
Of this new collaboration with Samsung Pay, 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, department 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.