Samsung Pay has today become available to Australian Bendigo Bank and Indian YES Bank customers holding eligible credit or debit cards and using electronic devices of Samsung production. Cardholders of both mentioned banks are now able to make digital payments using their smartphones, which is much more comfortable than traditional physical swiping cards at PoS machines.
Pralay Mondal, YES Bank Senior Group President of Retail and Business Banking Department commented: “Through our association with Samsung Pay, we are extending the latest technology and lending services in the payments industry to our YES BANK credit card members.”
Marnie Baker, Bendigo Bank chief customer officer said the app offers the bank’s 1.6 million customers greater choice and flexibility in how they make payments: “With technology evolving at a rapid pace, we want to ensure we’re delivering and partnering with other innovative organisations like Samsung to give our customers greater choice and the flexibility they’re looking for.”
Samsung itself defines Samsung Pay as a “secure and easy-to-use mobile payments service available on compatible Samsung devices, including the Gear S3 smartwatch and the recently released Galaxy S8 and S8+ smartphones.” The full list of compatible devices is as follows: “Samsung Pay is available on the Samsung Galaxy Note 5, S6, S6 edge, S6 edge+, A5, A7, S7, S7 edge, S8 and S8+. Compatible wearable devices include the Gear S2 and Gear S3 smartwatches. Samsung Galaxy S6 and S6 edge do not support the MST functionality of Samsung Pay.”
In the 18 months to June 2017, Samsung Pay has collaborated with more than 870 banks from all over the world, paired with more than 40 payment card brands and more than 100 loyalty cards of different types. During the reported period, the platform has processed over 240 million transactions. The imposing rates, which are expected to grow in progress.
As in words of Juniper Research, financial technologies analyst, the amount of Samsung Pay, Apple Pay and Android Pay users will top 150 million by the end of 2017. According to his predictions, Apple Pay, Samsung Pay and Android Pay are going to hit 86 million, 34 million and 24 million customers respectively.
Despite Apple Pay wallet’s leading position among the other existing digital wallets, in Australia it occurred to be stifled, as it declined Australian banking cartel’s attempt to change Apple’s payment system. Bendigo and Adelaide Bank, Westpac, the Commonwealth Bank of Australia, and the National Australia Bank claimed they wanted access to the NFC controller in iPhones, but lost their fight in March, 2017, with the Australian Competition and Consumer Commission (ACCC) handing down a determination denying authorisation.
As an alternative to partnership with Apple Pay, 38 Australian financial institutions, including Bank Australia, Bank of Sydney, CUA, Defence Bank, Firefighters Mutual Bank, People’s Choice Credit Union, Police Bank, QT Mutual Bank, Teachers Mutual Bank, and Unity Bank, collaborated with Samsung Pay in June, 2017.