Despite the fact that Samsung Pay is supported only by a few Samsung flagship phones, and while the platform is available only in a handful of regions, the South Korean giant's mobile payment service has been quite successful so far, registering over 5 million users by February 2016. This adoption rate can be largely attributed to the fact that, in regions where it is already available, Samsung Pay can be used at virtually any payment terminal supporting physical cards. Now Samsung wants to make things even better for its customers and accelerate mobile payment adoption by partnering with global POS (point-of-sale) providers.
Earlier today Samsung announced its newfound partnership with some of the largest POS makers in the world, including Pax Technologies, USA ePay, MagTek, ID TECH, Equinox, First Data and Clover, Verifone, and Ingenico Group. The idea is for Samsung to work closely with these companies in order to deliver the best experience for Samsung Pay users at checkout, to accelerate the platform’s adoption rate, and to “systematically test and validate the different POS systems”, ensuring “maximum compatibility and universal acceptance” for the service. According to Samsung, universal merchant acceptance is “critical to consumer adoption”, which is why Samsung’s mobile payment system relies not only on NFC (Near Field Communication) but MST (Magnetic Secure Transmission) as well. This allows Samsung Pay customers to use their smartphones and make fast, secure payments almost anywhere, and the new partnership with the aforementioned global POS manufacturers should further facilitate universal compatibility with more merchant terminals.
Samsung Pay is a mobile wallet / payment service developed by Samsung Electronics using LoopPay technologies. The service was first released in South Korea in August 2015 and was introduced in the United States in September last year. Last month the payment service was also launched in China in collaboration with China UnionPay, and by the end of 2016 Samsung Pay is expected to widen its reaches to a handful of other countries across the globe, including Australia, Brazil, Canada, Malaysia, Russia, Singapore, Spain, and the U.K. In February 2015, Samsung revealed that more than 5 million customers have registered for Samsung Pay, and that the service has processed over US$500 million since release.