Samsung Pay is expanding in a big way, announcing support from 14 more banks just weeks after Verizon announced its support for the platform. The mobile payment platform is looking to become one of the primary means of making payments on the Web and offline.
So far, the 14 banks that now support Samsung Pay include the following: TD Bank, Sun Trust, PNC Bank, Chase, Fifth Third Bank, Silicon Valley Bank, First Hawaiian, Security Service Federal Credit Union, Key Bank, Associated Bank, People's United Bank, Navy Federal Credit Union, Randolph-Brooks Federal Credit Union and Virginia Credit Union.
In addition to an increased number of banks that now support Samsung Pay, the company also announced that users will soon have the option of adding gift cards to their Samsung smartphones thanks to a partnership with Blackhawk Network. We should point out that Blackhawk Network operates gift cards for several companies, including Apple, Amazon, Macy and hundreds more.
According to Samsung, support will be ready by the end of 2015, though the company did not give a definitive date. Either way, the company is proud of its Samsung Pay achievements after one month.
"Consumers who have used Samsung Pay are using it repeatedly because it works almost anywhere you can swipe or tap a card," said Thomas Ko, Samsung Pay Vice president and Global co-general manager. "We're thrilled to introduce new partners that will build on our early success, and move us even closer to a world in which your mobile phone is a true mobile wallet."
Samsung Pay will directly compete with Apple Pay, Google Wallet, as well as the newly announced Chase Pay platform. Reports claim Samsung Pay aims to make it cheaper for merchants to accept payment, a move that could put pressure on PayPal and other dominant services available right now.
So far, Samsung Pay is off to a great start, exceeding 1 million users in South Korea and counting. However, it will likely be more difficult for Samsung to hit that target in the United States due to the high number of competing platforms.
Photo: Vernon Chan | Flickr
