Samsung Electronics Co., Ltd. (KRX:005930) recently announced a new partnership with Russian bank Sberbank to bring its Samsung Pay service to three more countries: Russia, Malaysia and Thailand. The new partnership offers opportunities for small businesses here in the U.S. too.
Samsung Pay Mobile Payment System
Samsung Pay is a mobile payment system launched last year that uses a compatible Samsung device to pay at point-of-sale locations across the globe. The service aims to rival Apple Pay and Google Wallet in the mobile payment space. This year it rolled out new features in the U.S., including support for in-app payments, online payment and express checkout, and nearby discounts and savings.
“Now Sberbank customers can use a convenient Samsung Pay service and make payments with a single touch of the smartphone, almost anywhere payment cards are accepted,” said Alexander Torbakhov, Deputy Chairman of the Sberbank Board, in a press release announcing the partnership.
Samsung Pay Key Features and Benefits
According to the multinational electronics company headquartered in Suwon, South Korea, Samsung Pay is more than a Payment Service. It is “a secure and easy-to-use mobile payment service” that can be used to make purchases almost anywhere that credit, debit and prepaid cards are accepted.
Among Samsung Pay’s stated benefits for users are:
- Simplicity: To make a payment on Samsung Pay, users can simply swipe up on their eligible Galaxy smartphone, scan their fingerprint and pay.
- Security: Samsung Pay uses three levels of security to enable secure payments – fingerprint authentication, tokenization and Samsung Knox, Samsung’s defense-grade mobile security platform.
- Accessibility: Samsung Pay is compatible with the majority of existing and new terminals, allowing users to pay almost anywhere you can swipe or tap your card.
New Opportunities for Small Businesses with Samsung Pay
With this new partnership, Samsung Pay will now be available in a total of 10 countries by the end of 2016. Those countries include the United States, China, Canada, Australia, Brazil, Puerto Rico, Singapore, Russia, Thailand and Malaysia.
For small businesses in the U.S., this partnership with Sberbank expands their potential market reach significantly. More customers around the world are now able to use this payment option for online and in app purchases — perhaps from your ecommerce store.
“No fees are charged by Samsung Electronics Co., Ltd. from any Samsung Pay users, emitting banks, acquirer banks and trading companies,” stressed the giant electronics company.
I’m not quite on the mobile payments bandwagon yet, but I recently completed a week-long trip where I used zero cash. Everything I bought was online, through an app (Lyft) or with a credit card. So if your business isn’t taking payment in forms other than cash you’re going to be hurting more and more in the future.