Samsung Pay added Wells Fargo to its service list with support for the bank’s debit and credit cards. With this new addition, Samsung Pay now covers 70% of the US debit and credit card market.
The mobile payment service was launched in August 2015. Since then, there’s no stopping Samsung from earning huge profits from million dollar transactions via the app. At present, Samsung Pay boasts 5 million registered users and almost $500 million in transactions. Although, the payment app is restricted only to Samsung Galaxy devices in the U.S. and Korea, the tech company is always open to making deals with new banks.
Samsung Pay, however, lags behind Apple Pay, which covers almost 90 percent of the total US market. Apple Pay is registered with banks in China and the United Kingdom and American Express in Australia and Canada. Samsung Pay has future plans to expand its services to other foreign lands such as Australia, Brazil, UK, Spain, Singapore and China.
When it comes to making convenient payments with mobile payment apps, Samsung Pay has an edge over its rivals. The app uses both MST and NFC technology for payment services (Read this). MST or magnetic secure transmission technology functions by transmitting signals from your app via magnets to the payment terminal’s card reader. On the other hand, Android Pay and Apple Pay use only NFT or near-field communication technology to carry contact-less payments in stores, reports The Verge.
With Wells Fargo on board, Samsung Pay is expected to add more users to its list. In this context, Head of R&D, Software and Services, Injong Rhee commented, “I am delighted to have Wells Fargo on board with Samsung Pay and that our users can now enjoy more choices in debit and credit cards. Samsung Pay is gaining momentum in customer adoption, and we will continue to expand the list of issuers. I look forward to offering many compelling mobile payment service to our joint customers together with Wells Fargo,” reports UberGizmo.
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