Not a bad start for Samsung Pay, the mobile payment system developed by Samsung. To date, Samsung Pay has already gained approximately 1 million users in its native country, South Korea. It may not have replicated that success in the United States market (where it officially launched last month), but the initial uptake is not too disappointing overall (managing to finally snagVerizon Wireless along the way). Now, Samsung has revealed that it is adding more banking partners to Samsung Pay, and is even planning to allow gift cards to be connected to their NFC enabled contactless mode of payment.
As indicated in the South Korean tech giant’s official press release, its Samsung Pay system will soon support new cards from various banking partners, including 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, plus Discover beginning in 2016.
Samsung is also in discussion with the Blackhawk Network with regards to adding gift cards used dining, shopping, and groceries to Samsung Pay. This piece of news is timely, too -- Money 20/20, a conference that focuses on finance related technology, is happening this week. You can bet that Samsung will be riding publicity from that event in order to promote its own mobile payment system.
Samsung Pay could use some publicity, especially if it wants to go head to head with Apple Pay. And the competition has gotten way tougher. Aside from dealing with Apple Pay and Android Pay (from Google), Samsung Pay will have to contend with ChasePay, the payment system that Chase has just announced. Chase’s QR code based payment system is set to launch next year.
As mentioned earlier, Samsung Pay has already managed to capture 1 million users in South Korea. This is certainly impressive, considering that Samsung’s mobile payment system has only been made available to mobile users for a couple of months. In the weeks after South Korean launch, Samsung Pay processed over 100,000 daily payments, equivalent to a total of almost $90 million.
Samsung Pay already works with Samsung mobile devices such as the Galaxy S6, the Galaxy S6 Edge, the Galaxy S6 Edge+, and the Galaxy Note 5. Samsung’s contactless mode of payment was born from the South Korean tech giant’s acquisition of LoopPay back in February early this year. LoopPay is a firm that specializes in building payment systems based on near field communications (NFC) technology.
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