Maybank cardholders can use Samsung Pay from Aug 31

MAYBANK cardholders will be able to make transactions at merchant locations across Singapore using Samsung Pay from Aug 31, the bank said on Friday.

The move is part of the bank's strategy to strengthen its digital presence across the region. This comes two months after the mobile wallet service's launch in Singapore in June.

Maybank cardholders will be able to add credit and debit cards to a compatible Samsung smartphone and pay at stores by holding the phone near the retailer's contactless reader.

Five Samsung Galaxy smartphones - the Note7, S6 edge+, S7, S7 edge and Note 5 - will offer the service.

"We want to provide peace of mind to customers through stress-free, hassle-free and convenient financial services to customers, and mobile payment is an important way to deliver this," said Maybank Singapore chief executive Lim Hong Tat.

The bank, which has about 550,000 credit and debit cards in circulation here, expects to have 10,000 cards registered for Samsung Pay within the next 12 months and 20,000 cards by the second year, Mr Lim added.

To use Samsung Pay, users tap their phones on either a Magnetic Secure Transmission or Near Field Communication reader.

They will then need to swipe up on their smartphones to bring up the last transacted credit or debit card and scan their fingerprint or key in their PIN to make payment.

Later this quarter, iris scanning as a mode of payment authentication will be made available on the recently launched Galaxy Note 7, Samsung Pay said.