Just four weeks after its launch in the U.S., Samsung Pay is proving its biggest advantage is broad acceptance enabled by Samsung’s MST (Magnetic Secure Transmission) in combination with NFC. Blackhawk Network has teamed with Samsung Pay to enable the integration of gift cards into the Samsung Pay mobile payment solution.
MST is the patented technology built into the Samsung Galaxy S6, Galaxy S6 edge,
Galaxy S6 edge+ and Galaxy Note5 that transmits tokenized card data to the magnetic card readers of EMV terminals and magnetic stripe terminals. Of U.S. consumers who have paid with Samsung Pay, there is strong indication of repeat usage with an average of eight transactions per user. Data also show that three out of four Samsung Pay transactions were made via MST, validating that combining MST and NFC makes Samsung Pay the most accepted mobile payment system.
Samsung is expanding the partnership ecosystem for Samsung Pay, announcing support in the coming months for cards issued by Chase, PNC Bank, TD Bank, SunTrust, Fifth Third Bank, First Hawaiian, Key Bank, Silicon Valley Bank, Security Service Federal Credit Union, Navy Federal Credit Union, Virginia Credit Union, Associated Bank, Randolph Brooks Federal Credit Union and People’s United Bank. Starting next year, Samsung Pay will work with Discover.
Samsung Pay is also deepening relationships between consumers and retailers”enabling shoppers to use gift cards on their phones at their favorite stores, through a partnership with Blackhawk Network that includes dozens of top retailers in categories like grocery, fashion, entertainment and dining. By the end of this year, consumers will be able to load and use these gift cards.
Samsung is now working with the four payment networks: American Express, Discover, MasterCard and Visa, major banks including Bank of America, Chase, Citi, U.S. Bank, and key financial partners including Blackhawk Network, First Data, Synchrony Financial, TSYS, and Vantiv to extend Samsung Pay to the U.S.
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