Samsung Pay was able to jump ahead of the other mobile payment services in part because Samsung acquired LoopPay back in February of last year. They ended up announcing Samsung Pay the very next month, but the service wasn’t launched until August. Samsung Pay was first introduced in both the United States as well as South Korea and Samsung has been working hard to get it widely adopted ever since.
The company has had an advantage over other mobile payment services because of the technology it uses. Instead of requiring the payment terminal to be upgraded for contactless payments, Samsung Pay will actually work with payment systems that only support magnetic stripes. Samsung is able to do this by transmitting the credit card data to the terminal’s swipe slot using an an electromagnetic field.
Samsung has just announced that Samsung Pay will be launching in Malaysia, Russia and Thailand by the end of the year. This brings the total number of countries that Samsung Pay is available in up to 10. Similarly to the announcement that Google recently made with Android Pay, Samsung Pay has also partnered up with MasterCard to offer a simplified and fast online payment and checkout option.
In this latest announcement, Samsung also talked about three new features that will be coming to their mobile payment service in the near future. Starting in November, users of Samsung Pay will be able to find deals from retail locations that are close to them. Another feature coming in November is the ability to use Samsung Pay for in-app payments thanks to a partnership with select merchants. Samsung say this feature is coming to Velocity, Raise, Fancy, Hello Vino, Wish, Touch of Modern and promises that more will be coming too.
With the company’s latest financial partners (Capital One and USAA), Samsung Pay now supports over 500 banks and credit unions that represent over 85% of the debit and credit card market in the United States.
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