Since the official launch of Samsung Pay, this payment platform has expanded to banks, shopping complexes and ATMs. Now, the compatibility of Samsung Pay is taking a whole new dimension. Samsung Electronics announced today that it has gone into partnership with PayPal, one of the world’s largest online payment platform. It has added PayPal as a payment method within Samsung Pay. This initiative will kick-start from the United States and it will gradually extend to other countries.
Samsung Pay uses its custom Near Fields Communication (NFC) and Magnetic Secure Transmission (MST) technologies thus shoppers can securely pay for their purchases. Users have to add their PayPal account to Samsung Pay so that they can access their PayPal wallet via Samsung Pay and make payment. All the value added services from Samsung Pay will remain active. Merchants will be able to accept Samsung Pay as a method of payment in-app and online using Braintree which is a PayPal service. This partnership will benefit both merchants and customers as PayPal users will be able to access their PayPal wallet offline and make transactions at numerous merchant outlets that are compatible with the payment platform. Samsung Pay customers, on the other hand, can take advantage of PayPal’s Braintree assets for easier online checkout.
Injong Rhee, CTO, and Head of R&D, Software, and Services of the Mobile Communications Business, Samsung Electronics, said
“At Samsung, we pride ourselves on our open model of partnership and collaboration, which helps us deliver the best experiences to our customers,” He added “We are excited to be partnering with PayPal, one of the largest payment platforms in the world, to offer our global consumers a richer mobile wallet experience. This partnership furthers our commitment to providing customers with a more convenient payment experience that is simple, secure and available almost anywhere.”
Bill Ready, PayPal’s Chief Operating Officer, on the other hand, said
“At PayPal, we are focused on creating the best mobile commerce experiences for our customers, and partnering with technology leaders, like Samsung, to create experiences that our millions of joint customers love and can utilize no matter where they shop” He added “By adding PayPal to Samsung Pay, we will combine Samsung’s ubiquitous payment solution with PayPal’s seamless and secure mobile wallet – delivering easy access to a simple, secure payment experience.”
Samsung Pay is designed with simple, secure and easy to use features
- Simple: All that is required to make payment with Samsung Pay is to simply swipe up from the home button, scan a fingerprint or verify with iris scanning and then tap the rear of your smartphone on a POS machine. If you are using a Samsung Gear S3 Classic/Frontier or Samsung Gear S2, simply press and hold the “Back” button on the Gear case, select the card rotating bezel and click “Pay”.
- Secure: Samsung Pay is designed with numerous levels of security. Samsung Knox has fortified this payment platform using a multi-layered protection from the device down to its kernel. In addition, there are three levels of security before one can gain complete access – biometric authentication, card tokenization and Samsung’s comprehensive mobile security platform. This system also has the FMM (Find My Mobile) feature which ensures that when users misplace their phone, they can remotely lock Samsung Pay with a preset password.
- Accepted Almost Anywhere: Samsung Pay utilizes Near Field Communications (NFC) just like other payment platforms. This enables a secured transmission of card information to the retailers. Samsung also uses its patented Magnetic Secure Transmission (MST) because some retailers do not have NFC in their system. MST replicates a card swipe by wirelessly transmitting magnetic waves from the supported Samsung device to a standard card reader and it works as an alternative to NFC for card terminals that do not have an active NFC. This allows Samsung Pay to function almost anywhere cards are accepted.