Ever since Apple launched Apple Pay in 2014, Samsung has been cooking up a rival to beat Apple in the mobile payment system. A year later, Google rolled out Android Pay. It was then Samsungs turn to make a move. Fast forwarding to 2016, Samsung has finally churned out Samsung Pay. Now that Samsung has entered the rink with Apple and Google the obvious question arises, how good are Samsungs chances of making the cut?
As of now, Samsung pay is only available in the United States, South Korea, Spain, China and Australia. The service is expected to be launched in the U.K., Brazil, Singapore and Canada in the near future. The competition is such that Samsung is impatient to break into new markets or at least keep up with Apples widening horizon. When Apple Pay was launched in Singapore to American Express card holders only, Samsung capitalised on the shortcoming and was quick to announce that Samsung Pay will be launched in Singapore before this summer. Samsung Pay could quite possibly beat Apple Pay in Singapore, as the former promises to not only extend its services to support MasterCard and Visa customers but also to those of DBS Bank, Standard Chartered, and Oversea-China Banking Corporation.
The Samsung Pay app is quite convenient to use. Samsung had promised its users a secure app, therefore it requires either a fingerprint or Pay PIN to register a card. Once the users fingerprint or the Pay PIN is verified, the user can add a credit or debit card to the app. Once the card is aligned inside the frame, the app picks up the card number and expiry date automatically. However, if the device fails to detect the information then the user can opt to enter the details manually. Once the card has been added to Samsung Pay and verified by the Payment Card Network, the user can make a transaction right away.
However, the app seems to have two evident setbacks. Firstly, Samsung Pay only works only with the Galaxy S7, S7 Edge, S6 Edge+, S6, S6 Edge, S6 Active and Galaxy Note 5. Secondly, it is going to take a while before Samsung Pay is available to customers of most if not all banks in the U.S. and beyond. In the U.S. participating banks include; American Express, Citi, U.S. Bank, Bank of America and Wells Fargo.
No doubt Samsung Pay offers more than just a payment solution. The app lets users add membership and loyalty card accounts too. In Australia, Samsung has been rumoured to extend its payment services to transport systems. All in all, much like Google and Apples mobile payment apps, Samsung Pay too is aiming to replace your wallet. However, unless Samsung expands the reach of its app to public transport systems and ATM machines the users would be reluctant to let go of their wallets in favour of Samsung Pay.