Samsung Pay Will Add More Banks And Support Gift Cards

Samsung Pay is rolling out various features to strengthen the relations between consumers and retailers using the platform.

Samsung Electronics wants to make its mark in the mobile payments sector. The company has entered this market quite late as its arch rival, Apple, is leading the online mobile payment service through Apple Pay. Apple introduced its mobile payment service with the launch of its new iPhone 6 where the company stole a good chunk of market share and took a major leap in the sector. Samsung tried to chase the leader by acquiring Loop Pay a few months ago but it did not prove to be a good competitor.

Hence, the smart phone maker launched Samsung Pay two months ago where, in its own country, it has managed to get 1 million users in a short span of time. And after long, Apple Pay has got some serious competition. The South Korean smart phone maker can spice up this rivalry, in fact, it has already done it. It is believed that the company is all set to announce the biggest advantage of its mobile payment service and it is broad acceptance allowed by Samsung MST. The Samsung MST (Magnetic Secure Transmission) is combined with the NFC.

Hence it can be said that with the combination of NFC and MST, Samsung Pay can reach newer heights and soon can become the most recognized mobile payment system in the world.

According to the Global Co-general Manager and Vice President of Samsung Pay, Thomas Ko, stated the numbers now show it that Samsung Pay is the real deal. "Consumers who have used Samsung Pay are using it repeatedly because it works almost anywhere you can swipe or tap a card," the company added. Thomas Ko is excited to be working with the new partners that will help to make its mobile payment system grow more.

Furthermore, the company has announced to add more bank location to enhance the experience of Samsung Pay. The Samsung Galaxy S6 maker will roll out support for all the cards issued byTD Bank, PNC Bank, Chase, Fifth Third Bank, Key Bank, Silicon Valley Bank, Virginia Credit, Sun Trust, Union, Security Service Federal, and Randolph Brooks Federal Credit Union, Virginia Credit etc.

The South Korean smartphone maker has also planned to introduce gift cards of their favorite stores in order to bolster the relationship between consumers and retailers using the mobile payment platform. Currently, the company is working with four other payment networks which include MasterCard, Discover, American Express and Visa.