Citi has introduced Apple Pay for its credit card holders in Singapore, Australia, as well as Hong Kong.
Apple Pay addresses security concerns by assigning, encrypting and storing unique Device Account Number in the secure element on the user’s device instead of storing the actual card number on the device or on Apple servers. It authenticates transactions by generating a one-time dynamic unique security code.
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Apple Pay is compatible with compatible iPhone, iPad, as well as Apple Watch.
The US-based banking group also plans to launch the Apple Pay service in Taiwan later this year.
Citi Asia Pacific head of cards and unsecured loans Sergio Zanatti said: “We continue to digitise our Cards business in Asia and mobile payments is an important component of the digital experience we offer our customers.
“With Apple Pay, Citi customers who have compatible Apple products can now use their devices to conveniently and securely make payments across a range of merchants.”
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By GlobalData
