Samsung Pay lands in the US

Samsung Pay lands in the US

Buoyed by a strong start in Korea, consumer electronics giant Samsung has launched its mobile payments service in the US, with support from the three major card schemes and banking giants Citi, Bank of America and US Bank.

Available on Galaxy S6, S6 edge, Note5 and S6 edge+ devices operating on the AT&T, T-Mobile, Sprint and US Cellular networks, Samsung Pay uses digital tokenisation, Samsung Knox, and fingerprint authentication to provide secure payments across both mag-stripe and contactless terminals.

The US launch comes one month after Samsung Pay arrived in Korea, notching an impressive $30 million in transactions since debut. Samsung will be looking to replicate the market penetration achieved in Korea as it takes on Apple Pay on its home turf.

To participate initially, consumers need to have a MasterCard, Visa or American Express card issued by Bank of America, Citi, American Express or US Bank.

“Being one of the first to offer our cardmembers and merchant customers Samsung Pay is a great example of our focus on our customers,” says Dominic Venturo, chief innovation officer at US Bank. “This is an important step in the continuing evolution of payments and consistent with providing our customers the convenience of doing business with us how, when and where they want."

Samsung Pay also offers merchant credit cards through its relationship with Synchrony Financial and additionally, works with acquirers including First Data, Global Payments and Tsys.

Comments: (4)

Stanford Rusike
Stanford Rusike - VeriFone (UK) - London 28 September, 2015, 23:27Be the first to give this comment the thumbs up 0 likes

Besides the 'me too' element here from Samsung - Magnetic Secure Transmission (MST) is a cool feature. I wonder which retailer/loyalty scheme will jump onto this and create a truly seamless payment experience where we start to see NFC and MST tech start to properly change how we pay & shop besides the 'cool' factor we have with tap and go. Surely the bar code and mag stripe loyalty cards should go? When do we see Samsung Pay in the UK?

A Finextra member
A Finextra member 29 September, 2015, 08:25Be the first to give this comment the thumbs up 0 likes

LoopPay can load all of your credit cards, debit cards, ID Cards, Loyalty cards, Membership Cards and Gift Cards on your smartphone. This technology will be a game-changer. ‘Magnetic Secure Transmission’ or MST is a neat way of using payment receiving machines such as Eftpos in Australia, without having to swipe your card. This is reputed to work in around 90% of cases. Now that Google has acquired LoopPay, I wish that they will make this technology available globally as soon as possible. 


A Finextra member
A Finextra member 29 September, 2015, 08:26Be the first to give this comment the thumbs up 0 likes 

A Finextra member
A Finextra member 02 October, 2015, 11:241 like 1 like

I should be more circumspect about Samsung Pay’s ‘Magnetic Secure Transmission’ or MST. Its usefulness will be limited by the very fact that magnetic stripe readers are going to be replaced by EMV & contactless cards.