By
Godfrey Benjamin
March 26th, 2024
South Korean electronics company has taken further steps to promote its payments app, including a deal with one of the US biggest banks and a special offering for new customers.
Samsung has announced it partnered with Wells Fargo, one of the largest banks in the US, to enable the users of its debit and credit cards pay with Samsung Pay.
The list of the app’s supporters already includes such major banks as MasterCard, Chase, American Express and Visa. Meantime, the company is committed to further enlarge its network of partners.
“I am delighted to have Wells Fargo on board with Samsung Pay and that our users can now enjoy more choices in debit and credit cards. Samsung Pay is gaining its momentum in customer adoption, and we will continue to expand the list of issuers. I look forward to offering many compelling mobile payment services to our joint customers together with Wells Fargo,” said Injong Rhee, Head, Software R&D, Mobile Communications Business and an Executive Vice President at Samsung.
“We are pleased today to announce that Samsung Pay is available for Wells Fargo customers. Innovations like Samsung Pay further our commitment to giving our customers the ability to make payments anytime and anywhere, including from a mobile wallet,” said Jim Smith, head of Wells Fargo Virtual Channels.
The announcement comes amid the news about Samsung’s partnership with Six Flags Entertainment Corporation, the globe’s largest regional theme park firm. Nine Six Flags parks will start offering riders of its most popular roller coasters to wear Samsung Gear VR headsets. The partnership, which complies with the company’s marketing strategy, is expected to bring riding experience to a totally new level.
As part of its Samsung Pay promotion campaign, the company has recently started providing a Qi Wireless Charging Pad for new customers. The users will not need to pay for the charger, as the service is completely free. The only thing you need to do is just activate your credit or debit card with Samsung Pay, without the need to buy anything. The promotion will be available for new users until March 10.
Samsung Pay is currently one of the world’s most widespread mobile payment apps. It covers more than 70% of the US credit and debit card market. The system is quite simple in use, what encourages more people to utilize the app.
Samsung Pay offers an increased security by using fingerprint authentication, Samsung KNOX and tokenization. Besides, the system can be used at almost each type of existing terminals, including magnetic stripe, NFC and EMV terminals.
The app, which has around five million users, processed more than $500 million since its launch last year, what makes Samsung Pay a serious competitor to Apple Pay and Android Pay. Since Apple Pay’s launch in 2014, it generated over 12 million users per month, while Android Pay attracted 5 million monthly users since it went live in 2015. As far as Android Pay, it’s not the only app developed by Google. The company has recently presented Hands Free, a new technology that is expected to change the future of mobile payments.