Samsung Pay will now work with PayPal (NASDAQ:PYPL) wherever it’s accepted. Since Samsung Pay works with traditional card readers, that list includes basically all businesses that accept credit cards.
Inside the Samsung Pay PayPal Deal
So what exactly does this mean for small businesses? In essence, this move makes it easier for businesses that accept card payments in stores to get paid.
Consider this: PayPal currently has more than 200 million active users. And many of those people have PayPal balances that until now would have required transfers, gift cards or similar maneuvers in order for people to actually spend that money in stores. Now, they can simply use their Samsung Pay app to pay directly from their PayPal balance to your business.
Of course, users will also have to have a Samsung (KRX:005930) device like a Galaxy smartphone or Gear smartwatch in order to use the payment platform. But it doesn’t require your business to add any extra equipment aside from a traditional card reader.
So while this move may not require any action on your part, it simply gives customers more options when it comes to payments. And that could make them more likely to actually make purchases when visiting your business — which is always a great outcome.
PayPal Photo via Shutterstock
Does this mean that we can expect smartphones to do instant payments for us in the future? PayPal is mostly online. Is it going offline as well?