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What is Samsung Pay? How it Works? FAQs 2017

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Consumer habits are changing rapidly on a global scale. The technological update is not just the need of the hour but also an emerging trend that holds the potential to decide the fate of businesses. To mitigate the issues of secure payments, the world leader in consumer electronics, Samsung has created Samsung Pay. Let’s see what is Samsung pay? how does it work? requirements? and other things in the article. Without any further ado let’s dive in shall we?

What is Samsung Pay and why should you use it? FAQs

What Actually Samsung Pay is?
With Samsung Pay, purchase goods and services at a retail store with a single tap on phone. Furthermore, the company intends to transform the secure mode of payment. With Samsung Pay, you can feed your credit & debit cards to your phone. All the information you need rests safely inside your pocket. Samsung Pay is the most flexible form of payment. Samsung also announced that the mobile payment service has reached a worldwide milestone- about 5 million registered users.

what is Samsung Pay?
It managed to gather a cumulative fortune of more than $ 500 million in the first six months. A higher rate of usage is in South Korea and the USA.

How is the modern banking system reacting to Samsung Pay?
Samsung has successfully convinced the banks to accept their new digital creation. First World countries are a bit slow to adopt these new practices. The reason being, most banks are conservative and they slowly introduce newer products under restricted trademark & usage policies. On the other hand, they must also analyze the pros and cons of this service, which could be a potential victim of cyber theft. But largely, the reaction has been positive.

How to use the platform on your mobile device?
Samsung Pay at a POS
Make fast and easy payments with Samsung Pay. Just bring your mobile device closer to the POS payment terminal; slide your finger & choose the card you wish to use, and confirm the transaction with a fingerprint or personal password. This contains four digits in the cell phone. Samsung Pay accommodates up to 10 registered cards per device.

Which Samsung phones are compatible with Samsung Pay?
Select Galaxy devices including S6, S6 Edge, S6 Edge+ & Note5. Also, some premium and mid-range options like A5 and A7 models. In addition, S7 and S7 Edge also find compatibility with the service.

Samsung Galaxy Note 5
Galaxy S6 edge+
Galaxy S7 & S7 Edge
Galaxy S8 & S8+
Galaxy A7 (2017)
Galaxy A5 (2017)
A5 (2016)
A7 (2016)
Galaxy A9 Pro

What if the cell is out of signal at your location?
Samsung Pay works even without a valid Internet connection- Wi-Fi, 3G, 4G LTE. It operates autonomously, offline, and does not require a signal or data. Fantastic, don’t you think? After all, versatility, productivity, and functionality must all come in one package. This makes Samsung’s service unique and preferred by most consumers. From the moment you bring the mobile device to make a payment, the POS card reader does rest of the work.

Where is Samsung Pay valid for use?
Samsung Pay countries
Samsung Pay has significantly explored the service worldwide of its global expansion plan China, Australia, Singapore, Brazil, United Kingdom, Spain, India, and Canada. The Samsung Pay started its service in South Korea and the US in 2015. Additionally, the service currently supports credit and debit cards enabled from more than 70 major regional and international banks. With multiple participating institutions and enthusiastic consumers, the technology has brought a lot of benefits and good feedback from the public. It can definitely transform the way we make payments, furthermore, in a digital format.

Samsung pay Supported Banks, Credit & Debit Cards
Samsung Pay Authorized Banks

Bank NameSupported Cards
Bank NameSupported Cards
Chase BankChase Freedom®Chase debitChase Sapphire Preferred®Chase Slate®Chase Sapphire®Chase Business Debit
American ExpressConsumer or small business credit or charge cards
Bank of AmericaBank of America consumer credit and debitMerrill Lynch consumer creditU.S. Trust consumer credit and debit bank of America small business debt (owner cards only)
Wells Fargo
Citi Bank consumer debit and credit cards issued in the United StatesCiti Costco Anywhere Visa
Capital OneCapital One® Venture®Capital One® VentureOne®Capital One® Quicksilver®Capital One® QuicksilverOne®Capital One® PlatinumCapital One® Journey®Capital One® Secured Mastercard®Capital One® Spark® CashCapital One® Spark® MilesCapital One® Spark® Cash SelectCapital One® Spark® Miles SelectCapital One® Spark® Classic
U.S. BankVisa credit and debit MasterCard cards
PNC BankBusiness credit and debit card.
USA visa debit and credit cards
TD BankVisa debit card business Visa debit card visa prepaid card visa credit card rewards Visa credit card – Platinum & SignatureRewards Visa credit card – Platinum & SignaturePayment Plus Visa Platinum credit card first Class Visa Signature credit card simply Flexible Business Visa credit cardAmeritrade Client Rewards credit card – Platinum and SignatureAeroplane Visa credit card – Platinum & Signature
Synchrony Bank
SunTrust MasterCard consumer credit and debit
NavyFederal Union CreditVisa consumer and business credit and debit MasterCard consumer and small business credit
RegionsRegions consumer debitRegions small business debitRegions now banking prepaidRegions consumer credit
BB&TBB&T consumer debitRetail debitSmall business debitBB&T consumer credit right cardSpectrum rewardsBB&T MoneyAccount (prepaid)
Fifth Third bank MasterCard consumer small business debit and credit
BBVA CompassVisa debit, credit, and prepaid

The era of carrying cards is nearly arriving at its end
The great move of Samsung Pay is its compatibility with virtually any POS machine. An outstanding advantage of this service is in its compatibility with the MST (Magnetic Secure Transmission), which can be applied in about 90% of the sales terminals. The novelty will be possible due to its acquisition of LoopPay. In summary, a generic POS machine will enable you to make payments regardless where you shop.

What if the sellers do not know what Samsung Pay is? How will you explain and pay?
As a customer at a store, you do not need to give any explanations. The staff will be trained and if you do run into any interference, the chances of which are quite thin, you may need to pay either with cash. In addition to its wide acceptance, it may be your nearest retailer will carry Samsung Pay as well. Furthermore, at the time of payment bring your cell phone closer to the POS.
Samsung Pay
Whether it is a shop owner, taxi driver, supermarket or another business, will find it much easier to send payments. It does not involve printing a receipt because you will have an electronic record. Samsung has been working in the promotion of this service, guidelines, and orientation of the product to consumers and sellers.

But, wait for a second … Is it all for free or is there a catch?
No, there is no catch here. It was precisely this aspect that most attracts the attention from public and press. The translation of a concept into practice. The thesis was also supported by Injong Rhee, executive vice president and head of research and development of software and services in the mobile communications business of Samsung Electronics.
“Since its introduction last year, Samsung Pay has changed the way people pay and use their smartphones. We have already seen a significant adoption of consumers and we continue to see great momentum. Locations around the world and our customers can expect to see more features next year.”

Are there any reward options?
Yes, there is. Samsung Rewards lets you earn points for every purchase with Samsung Pay. Redeem your points for entry into instant win games, Samsung Reward cards, Samsung products or gift cards to your favorite stores.

Which credit & debit cards are accepted?
Visa and Mastercard, the two major credit card brands in the market, can be integrated with Samsung Pay. The company has assured that it will continue studying new possibilities and looking for other partners to expand the options for the consumers.

Download Samsung Pay App

 

Wrapping up,
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