Samsung Pay is similar to Apple Pay and Android Pay in that consumers save their credit card information to the app, and then use the app to pay for goods. Last month, Samsung also said the app would be adding support for gift cards from “top” retailers in entertainment, dining, grocery and fashion, but this feature hasn’t officially launched yet.
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In a market already rapidly filling up with Apple Pay, Android Pay and other large names of mobile payments options, LG has now unveiled its own option after having partnering with South Korean credit card companies KB Kookmin Card and Shinhan Card. Nevertheless, this shows Samsung is serious about expanding Pay and that, most importantly, it’s getting the backing it needs from banks, retailers as well as carriers. One of the biggest additions is Chase bank. Samsung Pay is compatible with select cards and Samsung devices, and leading wireless providers. This includes Chase credit, debit, and Liquid cards.
This expanded support makes the service a a more “widely accepted mobile payment solution” as described by the Global Head of Samsung Pay Injong Rhee. The only caveat is that you’ll need to have a Samsung S6, S6 edge, S6 edge+ and Note 5 to take advantage of it.
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The impact on you: Free stuff is always nice, so if you’ve yet to try out Samsung Pay now might be the right time. A number of MasterCard issuers have also joined Samsung Pay, including Citizens Equity First Credit Union, Randolph-Brooks Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, SunTrust and Virginia Credit Union. Stay tuned for more details on additional supported cards and banks in the near future.
