Samsung Pay making sure it'll work with every major POS terminal out there

Samsung Pay making sure it'll work with every major POS terminal out there

Since it turned on the lights last fall, Samsung Pay has managed to reach more than 5 million users and $500+ million in transactions. That's a pretty remarkable feat, considering that it's only available on a few phones. For comparison, Google's Android Pay also has 5 million users, while Apple Pay has 12 million, but it has been available for much longer, making Samsung Pay the fastest-growing proprietary mobile payments platform so far.

The quick adoption of Samsung Pay is undoubtedly due to the buyout of LoopPay. Samsung acquired a company that allows you to do mobile payments the way you do with existing magnetic stripe cards, and merchants don't even have to retool their point-of-sale (POS) equipment, like they have to do for Apple's system.

Apple Pay requires merchants to introduce dedicated POS terminals, that is why the uptake has been somewhat slow so far, but Samsung's decision to directly use LoopPay might quickly make it the most widely used mobile payment system, regardless of the financial losses that the system is still incurring. To solidify its position, and make sure it is compatible with each and every major POS terminal brand out there, Samsung announced that it has gone straight to the manufacturers - Verifone (NYSE: PAY), Ingenico Group, First Data and Clover, PAX Technology, Equinox, ID TECH, MagTek, USA ePay and OTI Global.

Samsung will apparently be working with them to "systematically test and validate the different POS systems in the field to ensure maximum compatibility and universal acceptance for Samsung Pay." The unique NFC and MST (Magnetic Secure Transmission) combo in Samsung's latest Galaxies is not enough to do that, it seems, and the company wants to go deep down to the source at hardware level to ensure compatibility, which we may all benefit from in the end.

source: Samsung

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12 Comments

1. Landon

Posts: 1227; Member since: May 07, 2015

Samsung Pay works for me about 80% of the time. It would be awesome if they can somehow get it to work on ATM machines and gas pumps too.

3. Mxyzptlk unregistered

And if they could actually expand it to more banks because it's pretty limited right now.

5. Landon

Posts: 1227; Member since: May 07, 2015

They really need to just get Visa, MasterCard, and American Express as a whole to be accepted. However, if you look at the list of banks accepted currently, you'd be surprised on how many there are. It seems like every week there's a new announcement of them adding banks. http://www.samsung.com/us/support/answer/ANS00043884/997408820/Y/

8. TechieXP1969

Posts: 14967; Member since: Sep 25, 2013

Ummm hello. American Express has been with Samsung Pay for quite soem time bruh! That si mostky what I use with it. For me I just so happen to bank with Chase so all my Chase cards work. I have 2 Chase Debits and one credit and I have an AMEX blue. http://www.samsung.com/us/support/answer/ANS00043884/997408820/Y/ - List of all the present credit/debit cards banks that work with Samsung Pay

9. TechieXP1969

Posts: 14967; Member since: Sep 25, 2013

Samsung Pay only works with the AMEX Gold and Blue. Not the Pre-Paid cards.

12. Landon

Posts: 1227; Member since: May 07, 2015

My mindset on American Express is that it works like Visa and MasterCard. When I was saying that they need to be accepted as a whole, my thinking is that it shouldn't matter which bank you use. As long as you're using Visa, MasterCard, or American Express, you can use Samsung Pay. Oh, and you literally copied the exact same link from my post. Also, is there really a need for all of the name calling? Be kind. Good day, sir.

7. TechieXP1969

Posts: 14967; Member since: Sep 25, 2013

You're still so stupid and repreatign that same BS over and over.http://www.samsung.com/us/support/answer/ANS00043884/997408820/Y/ FACT - American Express alone has 55M card holders. How many neighborhood banks and credit usions Apple has, woudl it take to equal 55M card holders? Samsung doesn't need all the banks, just the biggest ones. They have American Express, Bank of America, JP Morgan/Chase, Citibank, SunTrust, US Bank, TCF, Synchony Financial, which owns lots of cards (mopstly for retail stores like JCPenny). Having more banks isnt goign to help STUPID! More banks if no benefit if you cant use the payment system at any retailer. Its like if you had a credit card in your pocket from 100 banks, but only 10 cards will work at most retailers. Until you actually understand this, and stop being a stupid moron and actually understand the facts; you will continue to parrot that stupid sentence every time this article appears. We are tryign to educate you. As they say, you can lead the horse to the troth, but you can't make him drink. Understand FOOL! Apple has a RETAIL ACCEPTANCE problem. You can literally have all the banks on the planet, but if retailers dont have the equipment to accept it, then what benfit is it. Its like, if you brought just $1 from every country on this planet and tried to spend it at a store that only accept the US Dollar. Its like having every tool in the world, and going on a job and only 10 of them are useful. Stop repeating that same BS dummy. You sound like a broken record. Its no good f you don't have enough banks...lol What happens if the retailers dont buy POS equipment with NFC readers? Its ignorant peopel like you, who take the fun out of reading tech. because you are so sh!t-stupid, that you wont even look at the facts and understand how it even fits with the subject matter. What school did you go too. Please go back and blow it up for them not doing a good job. You have a reading/comprehension problem that needs to be addressed. What kind of job do you have? Do you even have a job? Or old enough to have one?

4. maxha97

Posts: 100; Member since: Aug 28, 2012

it's already possible in s.korea i think other countries willl be possible soon

6. Landon

Posts: 1227; Member since: May 07, 2015

Interesting. They're still the terminals that you have to insert your card, correct?

10. xondk

Posts: 1904; Member since: Mar 25, 2014

Location of the magnet reader is the limitation really, and in those where you need to slide your card in and you can't place your phone next to where it slides in, limitation of technology is probably going to make that impossible, but everywhere else it will work.

2. Hellouser

Posts: 39; Member since: Feb 05, 2015

POS = Piece of $hit terminals

11. Anonn

Posts: 230; Member since: Jun 04, 2014

Samsung Pay is the Smartest Way!

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