Bank expects one in five card payments to be a mobile contactless payment by 2020
United Overseas Bank Limited (UOB) is helping to lead Singapore’s adoption of mobile contactless payments by lifting the S$100 transaction limit for such payments at all of its pointof-sale terminals islandwide by the end of next year. The limit has been removed at 2,000 of its 10,000 terminals so far. With the removal of the limit, mobile contactless payments made at UOB terminals through Apple Pay or UOB Mighty Pay for Android phones will have no limit other than the customer’s own credit or debit card limit1 .
Mr Dennis Khoo, Head of Personal Finance Services Singapore, UOB, said the Bank aims to make mobile contactless payments more convenient and effortless for its customers. He said the mobile phone is increasingly becoming an indispensable part of life and with more consumers using their smartphones to make payment, the Bank expects that by 2020, at least one in five UOB card transactions will be a mobile contactless payment.
“The popularity of mobile contactless payments rises as that of the traditional wallet falls. This is because our smartphones can now store more than our wallets, such as our fingerprints, bank account and credit card details and everything in between. We have seen contactless payments made on UOB cards grow by 100 per cent year-on-year2 .
Having observed how popular the smartphone has become for small purchases, we felt our customers would appreciate not being restricted to the limit of S$100 for each contactless payment. So we removed the limit at UOB point-of-sale terminals to make it easier for our customers to pay for the larger-ticket items too, such as petrol and their weekly groceries,” said Mr Khoo.
With the launch of Apple Pay today, UOB cardmembers will now be the first in Singapore to be able to make mobile contactless payments, with tokenised3 security, through their iPhone or Android4 devices.
About United Overseas Bank
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions.