SEOUL, South Korea—Samsung Pay will soon allow web-based purchases via its payment platform.
The move, expected to come sometime this year, allows Samsung to go head-to-head with PayPal and Visa Checkout. Samsung is also expected to extend its digital wallet to some of its lower-priced phones. The service debuted in South Korea on just a handful of high-end Samsung phones, including the Galaxy Note 5, the Galaxy S6 Edge, Galaxy S6, and S6 Edge Plus.
Unlike its competitors, such as Apple Pay and Google’s Android Pay, Samsung Pay employs magnetic stripe technology (MST) that allows it to be accepted nearly anywhere traditional credit cards are taken. The service also works with NFC technology, further reducing the friction formerly faced by users in the mobile payment space. Samsung pay is considered to be the digital wallet most widely accepted by merchants.
"For Samsung, moving online could be a smart move," James Wester, research director, global payments, at IDC Financial Insights, told Reuters. "It will help them build customer habit and they can benefit from that when U.S. consumers transact in stores."