Samsung took a major step toward boosting support for its mobile payments platform with a string of new partnerships with leading POS makers to improve compatibility and acceptance of its technology.
In an announcement, the company said its new partnerships with POS makers, including Verifone, Ingenico Group, First Data and Clover, mark a leap toward its goal of attaining universal merchant acceptance.
Currently, Samsung Pay, which is accepted at over 90 percent of the top 250 retailers and at a majority of SMBs, has seen wide acceptance rates due to the versatility of its underlying mobile payments technology.
Unlike its competitors, Samsung Pay employs both NFC and MST. MST allows its users to use Samsung Pay at not just EMV- and NFC-enabled terminals but also good, old mag stripe terminals. This has enabled Samsung to capture wider merchant acceptance.
“Consumers love Samsung Pay because it is fast, safe and so widely accepted by merchants everywhere,” said Sang Ahn, chief commercial officer of Samsung Pay, Inc. “We are excited to be working with our POS partners to accelerate the adoption of mobile payments and bring greater innovation into the marketplace.”
Samsung’s move to collaborate with leading POS manufacturers comes at a time when the mobile payments ecosystem is getting crowded by the advent of tech behemoths, like Apple and Google, and a host of other payment startups.
Some of the other POS makers that Samsung Pay has partnered with include PAX Technology, Equinox, ID TECH, MagTek, USA ePay and OTI Global.