SEOUL, South Korea—Samsung is reported to be partnering with several leading POS terminal manufacturers to ensure that customers looking to use its Samsung Pay service will be able to complete their transactions quickly and smoothly.
The deal, which will see Samsung working with the likes of Verifone and Ingenico Group, is expected to cut down on the time taken to process a mobile payment, reported TechWeek Europe.
Samsung said the deal will “ensure maximum compatibility and universal acceptance” for Samsung Pay as it looks to establish it as the number one mobile payment service.
“Consumers love Samsung Pay because it is fast, safe, and so widely accepted by merchants everywhere” Sang Ahn, chief commercial officer at Samsung Pay, told TechWeek Europe. “We are excited to be working with our POS partners to accelerate the adoption of mobile payments and bring greater innovation into the marketplace.”
Payments analysts have debated whether Samsung Pay, with its greater POS acceptance among merchants than Apple Pay, will gain market share dominance despite launching later than Apple Pay.
In addition to having NFC, Samsung Pay also uses "magnetic secure transmission," which "spoofs" a traditional card swipe with magnetic fields when a user holds their device near a payment terminal. That allows Samsung Pay to be used with most existing mag-stripe terminals.
Now, Samsung Pay has support from 130 banks and credit unions, which means that Samsung Pay covers 75% of the U.S. debit and credit card market.
Samsung estimates that Apple Pay reaches only 10% of merchants in the U.S.