In a move to expand its functionality, Samsung Pay will soon allow users to make Web-based purchases via their payment platform, Samsung Pay, reported Reuters yesterday (Dec. 28). The move will put Samsung into a more head-to-head competition with PayPal, currently the Web’s go-to source for online payments.
Samsung also announced that Samsung Pay will expand onto their lower cost smartphones, as opposed to being available only on the flagship Galaxy line.
This expansion builds off Samsung’s general accessibility goals for payments – one of its more powerful advantages at present is that it can emulate a magstripe card thanks to the firm’s acquisition of Loop Pay as well as leverage NFC. This means Samsung Pay works on a wider assortment of the POS systems that exist today than either of its main competitors, Android Pay or Apple Pay.
In October, Samsung stated 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. However, the company provided no further details on how many users turn to the payment option.
Samsung Pay has also added a variety of new partners in recent months, including: 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.