Samsung Pay Gets TD Bank Support, Regions Bank, Holds 75% Of US Debit & Credit Card Market
Samsung Pay is expanding and it recently added two more banks in the US mobile payment market. The payment wallet now supports debit and credit cards of TD bank and regions bank. Numerically, Samsung Pay now holds over 75% of the US debit and credit card market with Apple leading.Advertisement
The South-Korean company conducted a press release revealing that it has added 60 more MasterCard and Visa banks and credit unions since early March. Indeed, the move will help the tech giant reach out to more customers through the online payment service, reports Droid Life.
Today, the total number of credit unions and supported banks are up to 130. Since the launch of the service in March, with just 70 institutions on board, Samsung Pay is now bigger. While Android and Apple Pay are reliant on near-field communication (NFC) technology, Samsung pay offers support for magnetic strip and EMV, which is added advantage.
Samsung’s application of magnetic strip payment technology still works with older payment terminals and card machines, thus bringing an edge over its rivals that solely focuses on NFC, which are not available everywhere. However, Samsung pay will still have to try harder to be at par with its rival, Apple, in terms of the number of consumers accessing the service, reports Android Authority.
So far, Apple registers more than 12 million users with support from 90 percent of banks in the US. Meanwhile, the service has wide-reaching international support. To catch up with that, Samsung has plans to reach out to Brazil, UK, China, Australia, Spain and Singapore. Currently, it is available only in South Korea and the US. As for Android Pay, it accounts for 1 to 2 million users.
With the latest addition, Samsung online payment service is expected to fill in the gap with Apple. Only time will say, if the service becomes more popular than its rivals, according to The Verge.
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