Apple has revealed that its new iOS 18 update will bring exciting new features to Apple Pay. Currently available to users in the US and UK, these features include flexible instalment payment options and the ability to redeem rewards at checkout when using Apple Pay on your iPhone or iPad. Soon, Apple users in Singapore and those in Australia, Spain, and Canada will also have access to these benefits.
What to expect in Singapore
While Apple has yet to give an exact date for the launch of these features in Singapore, it has confirmed that it is working closely with DBS Bank to roll out instalment payment options and rewards redemption. This will allow eligible users to break down their purchases into manageable payments, which could make Apple Pay an even more attractive option for consumers.
This move marks a significant development for Apple Pay in Singapore, though details are still limited. As with many financial products, eligibility for these new features will likely depend on factors such as your financial standing and creditworthiness, which DBS will assess.
Different from current instalment plans
It's important to note that this new payment option isn't the same as the existing zero-interest instalment plans available with DBS, UOB, and OCBC banks for purchasing Apple products. Those plans are limited to Apple purchases, whereas the upcoming instalment option will be available for a broader range of purchases, whether you're shopping online or in-app using Apple Pay.
This means that, for the first time, Singaporean Apple Pay users will have the convenience of paying for everyday items over time, not just when buying Apple products. Additionally, the rewards redemption option is set to add further value, allowing you to use points or rewards directly at checkout, streamlining the experience even further.
A game-changer for Apple Pay users
Apple's plans to expand these options to more regions, including Singapore, is a significant development in how people use Apple Pay. By introducing instalment payments and rewards redemption, Apple is making it easier and more rewarding for users to manage their finances while shopping.
However, many details still need to be clarified, particularly around the specific financial requirements or any potential fees that might apply. This will likely vary between banks and depend on Apple's partnerships with local financial institutions.
For now, the news is a promising development for Apple Pay users in Singapore, who can look forward to more flexibility and rewards when using the service in the near future. Watch for updates from Apple and DBS as these features are rolled out locally.
