Mobile payment systems have been making great strides in recent years, and are quickly becoming the norm for consumers looking to quickly settle bills for small amounts. While Google Wallet and Apple Pay may be leading the movement to disrupt the payments industry and make the most of NFC technologies, Samsung’s own mobile payment solution is also beginning to make inroads. The latest news that Samsung Pay has added support for eight more credit and debit card issuers will take progress up a notch.
Samsung Pay, which the company claims to be the most accepted mobile payment system around, already supports payment made through three of the major and most popular networks in the United States and elsewhere: Visa, MasterCard, and American Express. The latest development will be of most benefit to customers in the US, or those with accounts at these US-based financial institutions but who themselves are based overseas.
Among the newly supported payment methods are Visa cards issued through the American bank Chase and through the Navy Federal Credit Union, as well as MasterCard credit and debit cards held against accounts with the following US institutions:
- Citizens Equity First Credit Union
- Randolph-Brooks Federal Credit Union
- Security Service Federal Credit Union
- State Employees’ Credit Union
- Virginia Credit Union
Other major banking institutions already supported for transactions processed through Samsung pay include Bank of America, Citibank, U.S. Bank, and Synchrony Financial. The growth of Samsung Pay, and the widening choice of options for making use of the service, are signs of the increased importance of the mobile payments sector - something that smart businesses are paying close attention to, in order to be able to identify how to best exploit the growth opportunities this presents.
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