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Samsung Pay Just Smartened Up Mobile Payments

Michael Moore joined TechWeek Europe in January 2014 as a trainee before graduating to Reporter later that year. He covers a wide range of topics, including but not limited to mobile devices, wearable tech, the Internet of Things, and financial technology.

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Partnership with leading payment terminal firms should make contactless mobile payments easier than ever

Samsung has set out its plans to make paying for goods using a smartphone a more effective and reliable experience.

The mobile giant has partnered with a number of the leading manufacturers of Point of Sale (PoS) terminals to ensure that customers looking to use its Samsung Pay service will be able to complete their transactions quickly and smoothly.

The deal, which will see Samsung working with the likes of Verifone and Ingenico Group, will hopefully cut down on the time taken to process a mobile payment, and reduce the effectiveness of the technology, signalling an end to customers standing awkwardly while the PoS terminal processes a payment.

Speedy

SamsungPay_GalaxyS7_Main_1Samsung says that the deal will “ensure maximum compatibility and universal acceptance” for Samsung Pay as it looks to establish it as the number one mobile payment service.

“Consumers love Samsung Pay because it is fast, safe, and so widely accepted by merchants everywhere” said Sang Ahn, chief commercial officer at Samsung Pay.

“We are excited to be working with our POS partners to accelerate the adoption of mobile payments and bring greater innovation into the marketplace.”

First announced in March 2015 and set to arrive in the UK later this year, Samsung Pay looks to take on the likes of Apple Pay by offering Android users a secure way to carry out contactless purchases using just a smartphone.

Samsung estimates that Apple Pay reaches only ten percent of merchants in the US alone, whereas its service works at over 90 percent of the top 250 retailers and the vast majority of merchants, including small, local businesses, and that it has attracted five million registered users and processed $500 million in payments since the launch of the service in South Korea and the US last year.

The service is supported by the Samsung’s newly-announced Galaxy S7 and S7 Edge smartphones, which went on sale in the UK last month, as well as the Galaxy S6, S6 Edge and Gear S2 smartwatch.

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