Alternative Payment Solution: Samsung Pay
Samsung Pay is a mobile payment solution launched by Samsung in August 2015. At present the solution is available in 24 markets outside South Korea. Samsung Pay is available for the following Samsung products in the US: Galaxy S9, Galaxy S9+, Galaxy S8, Galaxy S8+, Galaxy S7, Galaxy S7 Edge, Galaxy S7 Active, Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge+, Galaxy S6 Active, Galaxy Note9, Galaxy Note8, and Galaxy Note5 as well as Samsung Gear S2 Sport, S2 Classic, S3 Frontier, S3 Classic, Galaxy Watch, and Sport watches.
Samsung Pay is the first mobile payment offering that supports NFC, magnetic secure transmission, and barcode scanning in a single solution. It supports all major card schemes, including American Express, Visa, Mastercard, and China UnionPay. It is supported by more than 1,700 international and regional banks and credit unions in the US, including Bank of America, Wells Fargo, Citibank, Capital One, PNC, and TD Bank. Users can store details of multiple debit, credit, and store cards on Samsung Pay.
In addition to in-store payments, it supports online and in-app payments as well as cash withdrawals at ATMs. To expand its online payment services, Samsung Pay partnered with Visa to allow users to make payments at hundreds of online merchants that accept payments through Visa Checkout. In addition, in February 2017 it introduced the Samsung Pay Mini online payment solution in South Korea.
Furthermore, in December 2017 Samsung introduced a fund transfer service in South Korea that enables customers of Woori Bank, Shinhan Bank, and Hana Bank to transfer funds from one account to another using Samsung Pay.
The report provides information and insights into alternative payment solution Samsung Pay, including -
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