Samsung announced today that it is joining forces with Chase, and now its customers can link Chase Pay to Samsung Pay to pay with their Samsung smartphone using NFC or MST technology. Now this might seem a bit strange, but essentially what you are able to do is combine two wallets into one. So that you will only need to use the Samsung Pay app instead of using Chase Pay as well. But it also means that you can use Chase Pay cards with MST instead of NFC, for those few merchants that don't have NFC terminals yet. The Chase Pay app was already compatible with millions of merchants in the US and now the network has just gotten even larger.
Samsung Pay is currently available at virtually all merchants in the US, and that's because it uses MST technology. MST or Magnetic Secure Transmission is the same technology that a physical credit or debit card uses. Which by default, means that any merchant that takes cards, also take Samsung Pay. This makes Samsung Pay the most widely accepted mobile payment product in the US. Samsung Pay launched a few years ago and has been working hard to get more banks online, seeing it already has almost all of the merchants. And now it has Chase available, which is a pretty big deal since it's one of the larger banks in the country.
Those consumers that do link Chase Pay to Samsung Pay will be able to earn Samsung Rewards points as well as Chase Ultimate Rewards points, so you can essentially double dip, depending on what you're buying. Consumers will also benefit from Chase Pay's pay with points feature, where customers are able to redeem Chase Ultimate Rewards points at checkout for a statement credit. To get started, you will need a Samsung flagship smartphone, and the Samsung Pay app. From there you can jump into the Samsung Pay app and link the two together, it's rather simple to do.