Mobile Wallets: Where’s The S-Curve?

Commonwealth Bank Now Offers Samsung Pay

Australian-based Commonwealth Bank announced Wednesday (Feb. 21) that its customers would now be able to make contactless payments via Samsung Electronics’ mobile wallet, Samsung Pay.

By PYMNTS

Australian-based Commonwealth Bank announced Wednesday (Feb. 21) that its customers would now be able to make contactless payments via Samsung Electronics’ mobile wallet, Samsung Pay.

In a press release, Commonwealth Bank said customers with a Mastercard can load their credit or debit card details into its app and make secure payments with a compatible Samsung Galaxy or wearable device.

“With more than $6 billion of transactions across the CommBank app each week we know that our customers love using their phones to make payments,”  said Michael Baumann, general manager of everyday banking and payments at Commonwealth Bank, said in a press release. “Since 2013, our customers have been able to use their smartphones to make payments. By offering customers the ability to pay with Samsung Pay we are combining choice and convenience.”

The partnership with Samsung Pay gives customers more flexibility and choice in how they want to pay for things, according to Baumann.

Commonwealth Bank’s Samsung Pay release follows its move in November to include Android Pay as a payment method. With Android Pay, Australian consumers can make payments at 800,000 stores across the country. The customers of the banks can also make payments via a Fitbit and Garmin smartwatches that have payment functions.

“We’re thrilled to partner with Commonwealth Bank on Samsung Pay as this strengthens our shared commitment, that’s existed since 2013 with CBA’s Tap & Pay on the Galaxy S4, to develop easy-to-use, secure and ‘smart’ mobile wallet options for Australians,” said Garry McGregor, director of IT and mobile at Samsung Electronics Australia.

The partnership demonstrates Samsung’s commitment to making mobile wallets commonplace in Australia. According to the bank, the company’s CommBank app enables its 4.8 million customers to store their favorite store loyalty cards and transfer money to family and friends.

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