Standard Chartered Bank believes in harnessing the power of digital to transform the banking experience of the future. Therefore customers now can use Apple Pay for mobile payments.
With more than a third of its retail banking clients currently active digital banking users, the demand for more convenient and accessible digital payment options is growing. By introducing Apple Pay to the Bank’s broader suite of digital banking services, it is significantly expanding the options for mobile banking and payments for its customers, the bank writes in a statement released on Wednesday.
Security and privacy is at the core of Apple Pay. When you use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorised with a one-time unique dynamic security code.
Three Guiding Principles
«At Standard Chartered, we have three guiding principles when it comes to new product and service offerings – It has to be relevant to the customer, it has to be secure and it has to be innovative. Consumers’ expectations of banking services are rapidly evolving, with an increased focus on digital usability and service,» Andrew Chia, Head of Retail Banking, Standard Chartered Singapore, said.
Apple Pay is easy to set up and users will continue to receive all of the rewards and benefits offered by credit and debit cards. In stores, Apple Pay works with iPhone SE, iPhone 6s, iPhone 6s Plus, iPhone 6, iPhone 6 Plus and Apple Watch.
