Samsung Pay is #14 in Top 10 Online Payment platforms

Samsung Pay
Samsung’s mobile payments app that uses both near-field communications (NFC) and magnetic secure transmission (MST) technology. It’s brought MasterCard and Visa to the table as partners along with four of the largest card-issuing banks: JP Morgan Chase, Bank of America, Citi and US Bank.

Positions in ratings


#14 in Top 10 Online Payment platforms

Alternatives


The best alternatives to Samsung Pay are: Google Pay, Apple Pay



Latest news about Samsung Pay


2016. Samsung Pay gets in-app payments and Masterpass support



Mobile payment platform Samsung Pay has joined forces with Mastercard to integrate support for Masterpass, a digital wallet solution that securely stores users' payment and shipping information for effortless online transactions. This collaboration enhances the convenience of Samsung Pay by allowing users to retain all their bank cards virtually on their mobile devices and utilize them for contactless payments. The service is set to launch in early 2017, while U.S. Samsung Pay users can anticipate in-app payment support starting in November. By selecting Samsung Pay as their preferred payment method within compatible merchant apps, users can seamlessly complete transactions. Furthermore, the introduction of the Deals feature enables Samsung Pay to automatically identify nearby discounts and coupons available at various retail stores and restaurants, granting users the opportunity to instantly redeem these enticing offers.




2015. Samsung Pay Launches In The US



Samsung Pay, the payment service developed by the device manufacturer to compete with NFC-based payment systems such as Apple Pay and Android Pay, has now been launched in the United States after its initial release in South Korea. In South Korea, Samsung Pay experienced transaction volumes exceeding $30 million within the first month. This payments platform, built on technology acquired from LoopPay, grants Samsung a potential competitive advantage by not being limited solely to NFC-based payments. Instead, Samsung Pay offers users the flexibility to make payments using their Samsung smartphones through NFC technology, similar to Apple and Google's solutions, or by emulating a magnetic stripe card. This versatility is expected to give Samsung Pay an edge in the short term. Additionally, as payment terminals increasingly support EMV and NFC technology, Samsung Pay will also adapt and continue to function seamlessly with these advancements.


2015. Samsung and MasterCard to launch Samsung Pay together in Europe



Samsung and MasterCard have decided to expand their collaboration by introducing the mobile payment system Samsung Pay in Europe. Powered by LoopPay, a company acquired by Samsung earlier this year as a competitor to Apple Pay, Samsung Pay is set to launch in the United States shortly and has already begun trials in South Korea earlier this month. Smartphones equipped with Samsung Pay will utilize the MasterCard Digital Enablement Service (MDES), the same system employed by iPhone 6 and Apple Watch to enable contactless NFC payments. Notably, one significant distinction between Apple Pay and Samsung Pay is the latter's support for magnetic strip technologies (MST) in existing point-of-sale terminals. This enables retailers to utilize Samsung Pay without upgrading their equipment. Samsung has highlighted that MST compatibility allows it to potentially reach up to 30 million merchants worldwide, subject to the establishment of partnerships with payment providers.


2015. Samsung Pay takes on Apple Pay and Google Wallet



Samsung has made an announcement about the upcoming launch of Samsung Pay, a new mobile payments solution that will be available on the latest Galaxy S6 and S6 edge smartphones during the summer. While Apple and Google were early entrants in the contactless payment market, Samsung Pay addresses significant gaps present in the services offered by Apple Pay and Google Wallet. Samsung Pay utilizes both near-field communications (NFC) and magnetic secure transmission (MST) technology obtained from LoopPay. This unique combination allows Samsung Pay to facilitate secure contactless transactions similar to Apple Pay, while also enabling "swipe" purchases on a majority of older payment terminals that have not adopted NFC technology yet. Samsung has partnered with MasterCard and Visa, along with four major card-issuing banks: JP Morgan Chase, Bank of America, Citi, and US Bank, strengthening its position in the market.


2015. Samsung buys Apple Pay alternative LoopPay



Samsung has completed the acquisition of LoopPay, the mobile payments platform that competes with Apple Pay. LoopPay enables users to conveniently make mobile payments using their smartphones. Unlike Apple Pay, which relies on near-field communications (NFC), LoopPay utilizes magnetic secure transmission (MST), similar to the magnetic strip found on traditional credit cards. Users can securely store their credit card details in LoopPay's app, available on both iOS and Android. However, to process MST payments, customers need to have LoopPay's $59.95 card case or $10 key fob. LoopPay has previously emphasized the superiority and broader acceptance of its platform compared to Apple Pay since it utilizes external hardware instead of requiring merchants to adopt specific technology. Nonetheless, the requirement for additional hardware introduces an extra, potentially cumbersome step during transactions.