UOB sees swift adoption of Apple Pay (Amended)

Singapore

UOB, which has the most number of credit and debit Visa-cards in circulation in Singapore, expects mobile contactless transactions to account for 10 per cent of all its card billings by 2020, on the back of swift adoption of Apple Pay and as Singapore is likely to move towards using credit and debit cards for daily commuting, said a top executive at the bank on Monday.

About 19,000 cards from UOB have been enabled for Apple Pay in just two weeks, UOB told The Business Times. This is understood to rank UOB as among the top in Visa tokenisation for Apple Pay. Citibank, another large credit card player, has not offered Apple Pay yet. There were about 9.5 million credit cards - including supplementary cards - circulating here as at April, data from the central bank showed.