Contactless Payment Singapore
Contactless payments are on the rise in Singapore due to the ease and convenience they offer. Contactless payments shorten queue times, make payment easier and quicker with as much protection as chip and PIN payments, without the need for a signature or PIN. Your purchases are also easily tracked on your bank statement and transaction history.Besides the reputable EZ-Link card and Nets FlashPay service (which works like EZ-Link), there are many other forms of contactless payment, which include Visa payWave, MasterCard PayPass, Apple Pay, Samsung Pay and Android Pay. We look at the characteristics of each and how you can easily make use of them:
Visa payWave is likely to be one of the more well-known methods to pay contactless. The Visa website reflects the many Visa credit and debit cards with the Visa payWave function. You can use Visa payWave to pay for purchases of up to $100. Purchases over $100 require the typical process with the EMV-chip card payment terminal, which requires a signature or PIN.
MasterCard PayPass works just like Visa PayWave. You can also use the Mastercard PayPass merchant locator to find merchants nearby which accept payments by MasterCard PayPass. You may be asked to key in your PIN number for purchases above a certain amount or for security reasons.
The five major banks’ (POSB, DBS Bank, OCBC Bank, UOB and Standard Chartered Bank) Visa and MasterCard credit and debit cards can be used with the Apple Pay wallet. American Express cards issued by the above banks are not supported, but American Express-issued cards are. Apple Pay is compatible with the iPhone 6, iPhone 6+, iPhone SE and later iPhone models, devices compatible with the Apple Watch (iPhone 5 and later models), iPad Pro, iPad Air 2, iPad Mini 3 and later. With the Apply pay, you don’t even need to have your card with your anymore! Simply flash your phone at the card reader of the cashier to pay for your purchases!
Samsung Pay’s bank partners are DBS Bank, Citibank, Standard Chartered Bank, POSB and OCBC Bank. Similarly, only Visa and MasterCard credit and debit cards can be used with Samsung Pay. Samsung Pay can only be used on the Samsung Galaxy Note 5, Galaxy S7 Edge and Galaxy S6 Edge+ currently. Payments made via Samsung Pay can only be authorised by your fingerprint or a 4-digit PIN code. Each transaction made with Samsung Pay also uses an encrypted digital token for added security. Most Near Field Communications (NFC) terminals accept payments $100 and below and Magnetic Secure Transmission (MST) terminals accept payments of any value.
Android Pay is Google’s mobile payment service which is compatible with any Android smartphone operating on Android KitKat 4.4 or later and has the NFC wireless technology. This means that even Android smartphones from 2013 can use Android Pay. Like Apple Pay, Android Pay supports Visa and MasterCard credit and debit cards from the same five banks. However, unlike Apple Pay, it does not require fingerprint or PIN for authentication for each transaction. You can even use Android Pay with your phone locked. For security purposes, Android Pay will require you to input your phone’s passcode, password, pattern or your fingerprint after every third consecutive transaction.
The ease of Apple Pay, Samsung Pay and Android Pay means that people no longer have to carry their cards with them for payment anymore. Transactions are much faster compared to the typical methods of payment. The Land Transport Authority (LTA) has even carried out trials for payment of train and bus fares using wearable technology. The convenience of contactless payments is ideal for our fast-paced lifestyles and who knows, perhaps one day we can simply pay with our fingerprint – no cards, no phones, no gadgets!
Credit Card Contactless
You can pay for good and service via all sorts of devices, but the most common form of contactless payment is via your credit card. Yes, this piece of plastic is still the most commonly used contactless payment solution. However which credit card provider offers the best payment solution and whats the difference between them?
Firstly, its fair to say that the majority of credit card issuers i.e. the banks offer VISA and MasterCard, with Apply Pay, Samsung Pay and Android Pay acting more like a wallet. But which card is the best?
Here’s a look at some of the best contactless cards in Singapore: