UOB first to launch mobile app with contactless payment
UNITED Overseas Bank (UOB) yesterday officially launched its mobile application that allows users of Android smartphones to pay for their purchases by tapping their phones, the first for a Singapore bank.
This option does away with the $100 limit for all contactless payments in Singapore.
With this, customers who make contactless payments through UOB's mobile app can spend up till their credit or debit card limit.
The current suite of terminals for contactless payments can accept under-$100 payments done through the phone but purchases above $100 can only be made at some 10,000 payment terminals islandwide.
Other terminals are in the process of being upgraded to accommodate the higher payment limit.
This form of contactless payment is done by linking an NFC-enabled (near field communication) Android smartphone and a UOB Visa credit or debit card.
The pay service will be enabled for MasterCard cardmembers early next year.
The transaction will be made secure through the use of tokenisation: customers will have to enter a PIN for the transactions to go through.
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