Samsung Pay is one of several key players in the ongoing mobile payments race, aiming to build up a loyal user base and a steady foundation of usability and reliability. This week, the payment platform took another step forward as it announced a new partnership.
Wells Fargo announced Wednesday (March 2) that it had finalized a deal with Samsung that would allow the bank's U.S. customers to pay for purchases at any retailer that accepts Samsung Pay. Jim Smith, head of virtual channels at Wells Fargo, explained that Samsung's platform offers the best measure of convenience for his company's customers.
“We are thrilled today to participate in Samsung Pay, and to continue to provide Wells Fargo customers with convenient mobile payment options,” Smith said in a statement. “We want to satisfy our customers’ financial needs when, where and how they want, and allowing them to pay from a mobile wallet with features like Samsung Pay helps us fulfill that promise.”
In Samsung's own announcement, head of research and development Injong Rhee noted that the partnership comes at an opportune time for both groups. After roughly six months of deployment in South Korea and the U.S., 5 million Samsung Pay users conducted more than $500 million in transactions.
“I am delighted to have Wells Fargo on board with Samsung Pay and that our users can now enjoy more choices in debit and credit cards,” Rhee said. “Samsung Pay is gaining its momentum in customer adoption, and we will continue to expand the list of issuers. I look forward to offering many compelling mobile payment services to our joint customers together with Wells Fargo.”
According to Samsung's news release, Samsung Pay is now an option for customers of roughly 70 percent of the U.S. credit and debit card industry.