The Apple Pay alternative Samsung Pay has just received support from Chase Bank, one of those more important banks the service needs in its push to work with all debit cards. Now that Samsung’s new mobile payment system, Pay is supported by another major bank in the United States. The Korean-based company is expanding its mobile payment service, as part of its, Samsung Pay’s differentiating is MST, which allows compatible phones to send payment info to magnetic swipe terminals without the need for NFC – though it also works with that, too.
In order to grab the mobile payment market, Samsung Pay has a leg upon both the Apple Pay and Android Pay, since i lets users pay with their phone even if the store hasn’t upgraded its terminal or made whatever deals are required to work with such services. But it definitely need that your cards actually work with the service. Credit cards from Visa, Master Card, and American Express as all supported, but getting debit cards to work requires Samsung to go bank by bank. Samsung says that bank of America, Citi, and the U.S. Bank are all on board – and today added support for Chase as well.
Samsung Pay has although added more payment options and has received more support from major payment companies, which actually launched in South Korea and shortly after its release, also launched in the US. Samsung are expected to expand the service to more countries shortly.
Even if, Samsung gets 100 percent of banks to support its service, you still can’t be 100 percent sure that you will be able to leave your old plastic cards at home. MST is great, it still gives you much broader coverage than NFC-based payment systems, but it’s far from universal.
How to use Apple Pay is another point, and what about Samsung Pay is current question. It also only works with a Samsung’s latest phones – the Galaxy S6, the Galaxy S6 Edge, Note5, and the Galaxy S6 Edge+. Verizon has deigned to allow it on its network, and Samsung has previously said that support for Discover and for gist cards is coming in the future. The service would also be launching in the UK in early 2016 and Samsung will also be expanding it to China and Spain in early 2016.
Apple Pay has recently launched in Australia and only works with American Express cardholders and if that is it, Samsung Pay will very soon enter the Austrlian market. It is not clear on how many banks and card providers will support Samsung Pay when it launches in the United Kingdom. Stay tuned!