Samsung released a statement in which it said that it’s “currently working with banks and partners” like MasterCard to bring Samsung Pay to Europe. In the same month that Apple Pay crossed the Atlantic and went live in the UK following its US debut in October 2014, Samsung has announced a new partnership with MasterCard that will bring its take on smartphone-enabled payments to potentially the whole of Europe. Cardholders can activate their credit, debit, reloadable prepaid and small business cards from participating issuers in the Samsung Pay service and use their mobile devices to make everyday purchases. “Through our strong partnership with Samsung we look forward to continuing to drive innovation in mobile commerce by creating simple and secure digital payment experiences for consumers”, said Javier Perez, President of MasterCard Europe.
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It seems Samsung wants to have enough banks and partners to support its payment system in UK before the official launch, just so that it can hit the ground running. This partnership will allow those with Samsung devices to make purchases in stores around Europe, and eventually to all countries that support Samsung Pay. But it’s also a necessary step: The company will need to get all major credit card companies as well as numerous prominent merchants onboard if it’s going to compete seriously in the growing mPayment market. Private label tokenisation, announced in June, will begin in the third quarter of this year.
While you have been considering a switch to Apple given how Apple Pay has stormed the market and made those little transactions so easy, we suggest you rest assured that Samsung Pay will soon ease your woes.
About Samsung Electronics Co., Ltd.
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This is because the system is built on technology acquired from payments company LoopPay, which Samsung bought at the end of February. We are also leading in the Internet of Things space through, among others, our Smart Home and Digital Health initiatives.
