As mobile payments move ever closer to becoming the norm for settling bills and undertaking financial transactions, Google Wallet and Apple Pay continue to be the services that hog the limelight. While it may appear on the surface that these are the only popular options, Samsung Pay is also getting in on a slice of the NFC-technology action. The Korea-headquartered technology giant has taken another step forward by announcing its integration of support for eight more credit and debit card issuers within Samsung Pay.
Samsung Pay, which the company claims to be the most accepted mobile payment system around, already supports payment made through three of the major and most popular networks in the United States and elsewhere: Visa, MasterCard, and American Express. The latest development will be of most benefit to customers in the US, or those with accounts at these US-based financial institutions but who themselves are based overseas.
Among the newly supported payment methods are Visa cards issued through the American bank Chase and through the Navy Federal Credit Union, as well as MasterCard credit and debit cards held against accounts with the following US institutions:
•Citizens Equity First Credit Union
•Randolph-Brooks Federal Credit Union
•Security Service Federal Credit Union
•State Employees’ Credit Union
•Virginia Credit Union
Other major banking institutions already supported for transactions processed through Samsung pay include Bank of America, Citibank, U.S. Bank, and Synchrony Financial. The growth of Samsung Pay and the widening choice of options for making use of the service are signs of the increased importance of the mobile payments sector – something to which smart businesses are paying close attention, in order to be able to identify how to best exploit the growth opportunities this presents.