In an effort to get more people on board for its mobile payment service Samsung Pay, the South Korean tech company has announced that it will be offering customers a sizeable monetary incentive to add a credit card to the service. Samsung Pay of course, currently supports cards issued by only a handful of financial institutions in the US including Bank of America, Citi, US Bank, Synchrony Financial and American Express. As for the smartphones currently supporting the service, those are currently restricted to the four premium handsets launched this year by the company, namely the Galaxy S6, Galaxy S6 Edge, Galaxy Note 5 and Galaxy S6 Edge+. The offer will be valid from November 5 thru 19 and all you’ll need to do to redeem the rebate is a proof of purchase, according to the company’s official website.
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Samsung Pay of course, was introduced to the US back in September this year after a highly successful roll-out in Samsung’s home base of South Korea. Reports last month indicated that the company is laying the groundwork for the global roll-out of Samsung Pay, which is currently available exclusively to residents of South Korea and the US. Samsung is reportedly even transferring its employees from other units to its wireless business division, which is the unit in charge of Samsung’s mobile payment service. According to that report in the South Korean media last month, the company will launch Samsung Pay in a bunch of other markets like the UK, Spain and China in the recent future.
As for the brewing battle for preeminence in the world of mobile payments, Samsung is expected to be one of the major players in the market alongside the likes of Apple with its Apple Pay and Google with its Android Pay. The one technical difference between the aforementioned services is that Samsung uses both Near Field Communication (NFC) as well as Magnetic Secure Transmission (MST) to transmit payment information, whereas Google and Apple use just NFC to do the same for their respective payment services. Either way, in all cases, regular NFC-enabled magnetic card terminals at stores are capable of processing the payments. Reports earlier today also indicated that Samsung Pay may also be developing a module to transfer money from one smartphone to another.