Money 20/20

Samsung Pay Boasts Strong Usage, But Mum On Specifics

Representatives of Samsung took to the stage of Money 20/20 in Las Vegas Tuesday (Oct. 27) to share a handful of updates about Samsung Pay, an offering that company reps have continually deemed to be “the most accepted mobile payment system.”

And while Samsung is anything but shy on Samsung Pay’s perks due to its MST and NFC capabilities, the company’s announcement was mum on the actual figures needed to back it all up. Sound familiar?

What Samsung did share was that U.S. consumers who are using Samsung Pay are using it repeatedly, reportedly to the tune of eight transactions per active user, according to a company release. Data also show that three out of four Samsung Pay transactions were made via MST.

“After one month, the numbers say it all: Consumers who have used Samsung Pay are using it repeatedly because it works almost anywhere you can swipe or tap a card,” Thomas Ko, global co-general manager of Samsung Pay, said in a statement. “We’re thrilled to introduce new partners that will build on our early success, and move us even closer to a world in which your mobile phone is a true mobile wallet.”

Samsung also announced a batch of new partners, all of which are expected to add Samsung Pay support in the coming months. New additions include partnerships with: Chase, PNC Bank, TD Bank, SunTrust, Fifth Third Bank, Key Bank, Silicon Valley Bank, Security Service Federal Credit Union, Navy Federal Credit Union, Virginia Credit Union, Associated Bank, Randolph Brooks Federal Credit Union and People’s United Bank. Starting next year, Samsung Pay will work with Discover.

Samsung Pay is also forming a partnership with Blackhawk Network to integrate gift cards into Samsung Pay. That partnership will go live by the end of this year, Samsung said.

Samsung is now working with the four payment networks: American Express, Discover, MasterCard and Visa; major banks including Bank of America, Chase, Citi and U.S. Bank; and key financial partners including Blackhawk Network, First Data, Synchrony Financial, TSYS, and Vantiv.

To check out what else is HOT in the world of payments, click here.

 

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