Samsung Pay, the mobile payment solution from Samsung, has added support for Wells Fargo. This marks support for 70 different banks and credit unions, which Samsung says covers around 70 percent of the U.S. credit and debit card market. Some of the other banks and credit cards that are supported include American Express, Chase, PNC, Bank of America and many others.
Recently, Samsung announced that Samsung Pay would be headed to China, Canada and other countries in March. You can find all of the details about Samsung Pay and Wells Fargo below.
Samsung Pay Expands with Addition of Wells Fargo
After five months on the market, 70 major banks and credit unions support Samsung Pay in the US
NEW YORK – March 2, 2016 – Samsung Electronics Co., Ltd. announced that, beginning today, Samsung Pay—the most widely accepted mobile payment system—will now support eligible Wells Fargo credit and debit cards. With the addition of Wells Fargo, Samsung Pay now supports eligible credit and debit cards from 70 banks and credit unions, covering over 70 percent of the US credit and debit card market.
"I am delighted to have Wells Fargo on board with Samsung Pay and that our users can now enjoy more choices in debit and credit cards," said Injong Rhee, Head of R&D, Software and Services, Samsung Electronics Mobile Division. "Samsung Pay is gaining its momentum in customer adoption, and we will continue to expand the list of issuers. I look forward to offering many compelling mobile payment services to our joint customers together with Wells Fargo."
"We are pleased today to announce that Samsung Pay is available for Wells Fargo customers," said Jim Smith, head of Virtual Channels for Wells Fargo. "Innovations like Samsung Pay further our commitment to giving our customers the ability to make payments anytime and anywhere, including from a mobile wallet."
Samsung Pay announced last week that about five million registered users processed over 500 million dollars in the first six months, showing a strong adoption rate in South Korea and the U.S.* This also demonstrates the increasing use of Samsung Pay for its convenience, flexibility and security.
Samsung Pay supports all major payment networks and many of the country's major banks. It continues to expand its partnership ecosystem. Click here for the full list of financial partners that support Samsung Pay.
- SIMPLE: To make a payment on Samsung Pay, users can simply swipe up, scan their fingerprint and pay.
- SAFE: Samsung Pay uses tokenization, Samsung KNOX, and fingerprint authentication to provide secure payments. And, as terminals are upgraded to EMV, that security is leveraged, too.
- ALMOST ANYWHERE**: Samsung Pay is compatible with the majority of existing and new terminals, including most magnetic stripe, EMV and NFC terminals. That means Samsung Pay works at more places than any other mobile payment service.