Singapore-based United Overseas Bank (UOB) is set to lift the S$100 ($72.40) transaction limit for mobile contactless payments at all of its point-of-sale (POS) terminals islandwide.
The company, in a statement, said the limit has been removed at 2,000 of its 10,000 terminals so far. Contactless payments made at the bank’s terminals through Apple Pay or UOB Mighty Pay for Android phones will have no limit other than the customer’s own credit or debit card limit following the removal of transaction limit.
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UOB head of personal finance services Singapore Dennis Khoo said that the bank expects that by 2020, at least one in five UOB card transactions will be a mobile contactless payment.
Khoo added: "The popularity of mobile contactless payments rises as that of the traditional wallet falls. This is because our smartphones can now store more than our wallets, such as our fingerprints, bank account and credit card details and everything in between. We have seen contactless payments made on UOB cards grow by 100 per cent year-on-year.
"Having observed how popular the smartphone has become for small purchases, we felt our customers would appreciate not being restricted to the limit of S$100 for each contactless payment. So we removed the limit at UOB point-of-sale terminals to make it easier for our customers to pay for the larger-ticket items too, such as petrol and their weekly groceries."
Additionally, the firm has introduced Apple Pay to enable UOB cardmembers to make mobile contactless payments, with tokenized security, through their iPhone or Android devices.
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By GlobalData
