Later this year, Samsung Pay will gain gift card compatibility as well as a number of new issuers supporting the service. After seeing $30 million in transaction volume during the first month of availability, Samsung is continuing to push forward to allow even more users to take advantage of the mobile payment service. Some of the new partners that will be adding support later this year include TD Bank, Chase, PNC Bank and many others. Samsung is still working with Discover on implementation, and its expected to finalize for a 2016 launch.
In addition to the new issuers, Samsung Pay will also be gaining gift card compatibility this year. This will allow you to use mobile gift cards in dozens of top retailers. More information from Samsung is below.
Samsung Pay Advantage Significantly Expands Mobile Payment Merchant Acceptance and Drives Consumer Adoption
Gift Card Compatibility and New Issuers to Launch This Year
LAS VEGAS – October 27, 2015 – Samsung Electronics Co., Inc., announced Samsung Pay U.S. consumer usage data, new features, and partnerships at Money 20/20 in Las Vegas, adding more momentum to the most accepted mobile payment system.
Just four weeks after its launch in the U.S., Samsung Pay is proving its biggest advantage is broad acceptance enabled by Samsung's MST (Magnetic Secure Transmission) in combination with NFC. MST is the patented technology built into the Samsung Galaxy S6, Galaxy S6 edge, Galaxy S6 edge+ and Galaxy Note5 that transmits tokenized card data to the magnetic card readers of EMV terminals and magnetic stripe terminals. Of U.S. consumers who have paid with Samsung Pay, there is strong indication of repeat usage with an average of eight transactions per user. Data also show that three out of four Samsung Pay transactions were made via MST, validating that combining MST and NFC makes Samsung Pay the most accepted mobile payment system.
"After one month, the numbers say it all: Consumers who have used Samsung Pay are using it repeatedly because it works almost anywhere you can swipe or tap a card," said Thomas Ko, global co-general manager of Samsung Pay. "We're thrilled to introduce new partners that will build on our early success, and move us even closer to a world in which your mobile phone is a true mobile wallet."
Samsung is expanding the partnership ecosystem for Samsung Pay, announcing support in the coming months for cards issued by Chase, PNC Bank, TD Bank, SunTrust, Fifth Third Bank, First Hawaiian, Key Bank, Silicon Valley Bank, Security Service Federal Credit Union, Navy Federal Credit Union, Virginia Credit Union, Associated Bank, Randolph Brooks Federal Credit Union and People's United Bank. Starting next year, Samsung Pay will work with Discover.
Samsung Pay is also deepening relationships between consumers and retailers—enabling shoppers to use gift cards on their phones at their favorite stores, through a partnership with Blackhawk Network that includes dozens of top retailers in categories like grocery, fashion, entertainment and dining. By the end of this year, consumers will be able to load and use these gift cards.
Samsung is now working with the four payment networks: American Express, Discover, MasterCard and Visa, major banks including Bank of America, Chase, Citi, U.S. Bank, and key financial partners including Blackhawk Network, First Data, Synchrony Financial, TSYS, and Vantiv to extend Samsung Pay to the U.S.
The overwhelmingly positive initial response to Samsung Pay underscores its revolutionary appeal to consumers.
- 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 most 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.