Samsung Pay announced some new data suggesting that their mobile payments solution is being adopted, but more importantly announced that it will be supported by more U.S. banks by year end and will also will incorporate gift cards through a partnership with Blackhawk.
Launched in the U.S. in September, Samsung Pay supports both NFC payments and Samsung’s MST (Magnetic Secure Transmission) protocol, meaning it can be used at more merchants than Apple Pay or Android Pay. Thus far, Samsung Pay has only worked with credit or debit cards from American Express, Bank of America, Citi, and U.S. Bank, but at the Money 20/20 event in Las Vegas today, Samsung revealed additional banks will be added to its roster.
In related news, Samsung says it’s also adding gift cards to Samsung Pay. The Korean tech titan is teaming up with Blackhawk Network for the initiative and will include “dozens” of retailers, meaning you can simply load your gift card onto your smartphone and redeem it in-store.
If you are keeping score in the race between Apple Pay and Samsung Pay, Apple Pay has the support of over 600 issuers, Samsung Pay, 18. But, Apple Pay can be used only at locations supporting Near Field Communications (NFC) whereas Samsung Pay works at nearly every merchant. Apple Pay is available on iPhone 6 and 6s and the Apple Watch, Samsung Pay is currently available on the Galaxy S6, S6 Edge, S6 Edge+, and the Galaxy Note 5.
Overview by Sara Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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