Samsung Pay will expand online shopping for US consumers in 2016

Samsung Pay will expand online shopping for US consumers in 2016

Samsung will launch its payment system, Samsung Pay for US consumers in 2016 for online shopping, according to a statement issued by the South Korean Electronics giant. Select models of Samsung smartphones support Samsung Pay and next year, consumers in United States will be able to make payments using their smartphones. Samsung Pay was first launched in South Korea and only high-end Samsung mobile phones offer support for Samsung’s electronic payment system.

Samsung launched mobile wallet in September in the United States. Samsung Pay soon became the most used mobile payment system as it is widely accepted at retail locations across the country. Samsung Pay doesn’t require any changes to the existing payment systems at retailers. The system works fine with new and old credit card terminals.

Within first four weeks of its launch in the United States, Samsung Pay registered eight transactions on an average for each user in the United States. Mobile Wallets claim to keep credit card or other financial information secure while shopping at retail locations. After incidents of credit card information hacking at many retailers, many users prefer mobile wallets to make payments at retail counters. And, making a payment by just waving your phone with an app installed on it, is much easier that paying with credit card.

In near future, Samsung Pay users will be able to make payments online as well. The service will compete with Paypal, one of the most popular online payment platform. Visa also runs it online payment service, Checkout.

Apple has been working with many retailers to increase the reach of its payment system Apple Pay. Other technology majors including Google are also developing their mobile payment system.

Thomas Ko, global co-general manager of Samsung Pay said, “Lower-priced Samsung phones will likely start offering the mobile wallet within the next year. Wider handset availability of Samsung Pay as well as online payment support is coming soon.”

Apple Pay requires retailers to install equipment that supports near-field communication (NFC) technology. The acceptance of Apple Pay has remained low even though the system was launched in September 2014, a year before Samsung offered its payment system to consumers in the United States.

On Official Samsung Pay page, the company claims....
Samsung Pay is accepted almost anywhere you can swipe or tap your credit card.*
It makes transactions super easy. Just swipe up to launch the app, secure with your fingerprint, and hover over the card reader to pay.
And it’s safe — your purchases remain yours alone. Samsung Pay uses several layers of security. It keeps your payment information separate and doesn’t store or share it, so you can pay without worry.

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