Wednesday, October 28, 2015

Samsung Pay Update

Samsung Electronics Co's new mobile payment service Samsung Pay has enjoyed strong repeat usage among U.S. consumers with an average of eight transactions per user, the world's top smartphone maker said on Tuesday.

Samsung Pay, which rivals mobile wallets like Apple Inc's Apple Pay and Google's Android Pay, allows consumers to pay at retail locations using their smartphones. It was launched on Sept. 28 in the United States.

Samsung's mobile wallet offers wide coverage of payment terminals where it can be used, and this is its biggest advantage, the company said at the Money 20/20 payments conference in Las Vegas.

Samsung Pay allows users to make payments by putting their phone on, or near, magnetic stripe card readers already in wide use at retailers. It has signed up credit card firms and banks such as Visa, MasterCard and Chase as partners.

By comparison, Apple Pay, launched last September, requires retailers to install new equipment that supports near field communication (NFC) compatible with its service.

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