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HSBC credit card holders can now use Apple Pay

By Kenny Yeo - on 1 Dec 2016, 4:43pm

HSBC credit card holders can now use Apple Pay

(Image source: HSBC)

HSBC has just announced that its HSBC Visa and MasterCard credit card holders can now make payments using Apple Pay at stores with Visa payWave or MasterCard contactless payment terminals in Singapore and also overseas.

For those unfamiliar with Apple Pay, it is an easy and secure way to conveniently make payments.  Rather than storing the actual credit card numbers on the device or on Apple servers, a unique Device Account Number is assigned, encrypted and store in a Secure Element on their iOS devices. Thereafter, each transaction is authorized using a one-time dynamic security code.

Anurag Mathur, Head of Retail Banking and Wealth Management, HSBC Singapore, said, “Digital is an integral part of our strategy as technology and mobility are changing how our customers do banking. Our findings show that awareness of contactless mobile payment is high amongst Singapore consumers and over half indicated interest to try this new payment method. We believe the security, privacy and convenience Apple Pay brings will appeal to all our customers, especially those who are also active users of our digital banking services.”

As part of this announcement, from now until 15 January 2017, HSBC is offering S$5 off every Apple Pay transaction when users spend a minimum of S$10 per transaction using their HSBC credit card. This is limited to the first 8,000 customers, so hurry now.

Source: HSBC

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