Samsung today confirmed that its payment service will soon work with even more banks in the United States, and that by the end of this year users will be able to pay at participating merchants using gift cards stored within the Samsung Pay app. The mobile payment service was launched in the country last month, US is one of the two launch markets for Samsung Pay and now work is underway to bring the payment service to more markets across the globe.
The company says that it's seeing repeat usage with an average of eight transactions per user in the United States, adding that three out of the four transactions were made possible by MST. Magnetic Secure Transmission is crucial to the success of Samsung Pay, it enables merchants to accept Samsung Pay using existing card terminals, thus Samsung Pay can essentially be used anywhere a customer can pay by card. That's something that rival services like Apple Pay don't have.
In the coming months cards issued by Chase, PNC Bank, TD Bank, SunTrust, Fifth Third Bank, First Hawaiian, Key Bank, Silicon Valley Bank, Security Service Federal Credit Union, Navy Federal Credit Union, Virginia Credit Union, Associated Bank, Randolph Brooks Federal Credit Union and People's United Bank will work on Samsung Pay. The company has also confirmed today that its mobile payment service will work with Discover starting next year. Support for gift cards arrives before the end of this year, enabling users to pay at retailers across grocery, dining, fashion and entertainment industries using gift cards stored in the Samsung Pay app.
