Samsung Pay is planning to move into the world of eCommerce, by enabling online payments this year. They will also be bringing the mPayment service to many of the lower end Samsung devices, rather than just their flagship models.
The move is happening initially in the United States, with a view to expanding throughout Europe. Samsung is aiming to rival the likes of payment platform giants PayPal with this move, it has been reported.
Samsung Pay will be rolled out to more smartphones this year, and already has a distinct advantage over its rivals.
Where Apple Pay and Android Pay require the use of NFC technology to work in shops, Samsung’s acquisition of LoopPay means they can emulate the magnetic strips present on the back of payment cards. This means Samsung Pay can work on more existing point-of-sale equipment than their rivals.
Thomas Ko, global co-general manager of Samsung has stated that Samsung Pay is already the most widely accepted mobile payment system in the US, thanks to its compatibility with credit card terminals.
Although mobile wallets haven’t quite seen success in the US yet, people who have their stored financial information in Samsung Pay for online purchases may well be convinced to use their smartphones for payment at cashier stands too in the near future.