Samsung has recently revealed that it has forged new, strategic partnership deals with some of the foremost manufacturers of point of sale (POS) systems in the world, including Verifone, Ingenico Group, First Data and Clover, PAX Technology, Equinox, ID TECH, MagTek, USA ePay, and OTI Global.
The South Korean tech giant’s objective in joining forces with these global POS makers is to expedite more acceptance and more importantly, usage for mobile payment systems, including its own Samsung Pay, the contactless mode of payment it developed and deployed in the United States in September of last year.
By forming collaborative relationships with some of the world’s biggest names in the field of POS, Samsung is putting itself in a good position to continue to explore the best user experience for its users, especially when it comes to facilitating mobile payment transactions. To date, the company’s Samsung Pay is the only one of its kind that works at more than 90 percent of the top 250 retail establishments and the majority of merchants, including those that belong to the category of small and medium enterprises as well as local ones.
Samsung clearly believes in order to achieve universal adoption, it will have to aim for all out merchant acceptance. By having various POS manufacturers at its disposal, Samsung now also has the wherewithal to comprehensively test different POS systems in real life settings, helping ensure that optimal compatibility is achieved in just about every existing POS system available in stores and other business establishments.
Samsung Pay system is actually already equipped with the attributes needed to make widespread consumer adoption possible. For instance, Samsung Pay makes use of both near field communications (NFC) and magnetic secure transmission (MST) technologies, which gives it more flexibility compared to other mobile payment systems available out there. With MST, transactions are delivered safely for new EMV chip and NFC terminals, as well as regular magnetic strip terminals. This flexibility allows consumers to utilize Samsung Pay in almost any scenario in which they can swipe or tap a card.
Samsung is positioning Samsung Pay as faster than a chip card, and more secure than swiping a magnetic stripe card. This is because Samsung’s use of tokenization protects against copy and reuse, even at magnetic stripe only POS systems. No matter which POS terminal is being used, merchants get Card Present rates with zero liability shift via the tokenization of MST and NFC transactions.
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