After weeks of speculation, Verizon rolls out Samsung Pay for its customers with a Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge+, or Galaxy Note5.
Verizon becomes the latest carrier to support the newly launched payment service Samsung Pay. Hence, the Korean manufacturer’s payment service is now available on all major US carriers, giving users’ the ability to make secure and easy-to-use mobile payment option that’ll work almost anywhere you can swipe or tap a card.
To recall, Samsung Pay was launched in the US on September 28, when it was initially available on AT&T, T-Mobile, Sprint and US Cellular, except for Verizon. There’s still ambiguity surrounding Verizon’s decision for holding out on Samsung Pay when it first arrived in the US. Though now Verizon subscribers with a Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge+, or Galaxy Note 5 can download the Samsung Pay app directly from the Play Store to start using the service.
Once Verizon users download the app along with the required software updates, they can open Samsung Pay and instantly start using the service. The main highlight of Samsung’s wireless payment service compared to Apple Pay or Android Pay is the fact that it even works at places devoid of basic NFC architecture. As in these locations, the use of MST (Magnetic Secure Transmission) allows users to select a card from their virtual wallet and send short-range magnetic impulses to activate the data stored on the stripe of a debit or credit card.
Hence, it makes Samsung Pay the most supported service across retail stores than any other mobile payment service. It is also worth pointing out that unlike Apple who gets a commission for the transaction fee on any purchase via Apple Pay, Samsung will not be getting any commission or fee for its service, which could apparently boost the popularity of Samsung Pay among service providers, retailers, and customers. The service is currently compatible with credit and debit cards from American Express, Bank of America, Citi, and US Bank.
With Google, Apple and Samsung having launched their wireless payment services in the US, there’s no denying that in the coming months we might see competition in the mobile payment market heat up. Even LG is expected to join the wireless payment bandwagon as the company as the company is rumored to be developing its own NFC-based payment system.