What is Samsung Pay?

The global payments space is constantly evolving and offers multiple solutions that seek to make people’s lives easier. Digital wallets have emerged as one such solution for in-store or online payments.

With dozens of mobile wallets available, one popular contender is Samsung Pay. But what is Samsung Pay, and how does it work? Is it a safe solution?

Plus, what can business owners do to accept it? In this article, we explore the answers to these questions so that you can easily make and accept contactless payments. Let’s get started.

Samsung Pay – what does it mean?

So, what is Samsung Pay? Launched in 2015, Samsung Pay is a digital wallet where users can add their debit and credit cards on their Samsung Galaxy devices after a process of user authentication.

After the payment card is added to the Samsung smartphone app, users can make payments and purchases at near-field communication (NFC) terminals.

This is done by simply hovering the smartphone over the terminal. Much like any contactless-enabled payment card, it enables the transaction to go through if funds are available in the user’s card account.

This payment app offers great convenience, speed, and security to users and merchants who wish to accept payments made with digital wallets. What is important to note is that Samsung Pay works with Samsung Wallet, a broader solution launched in 2022.

How does Samsung Pay work?

So, what goes into setting up and using Samsung Pay? Firstly, to use Samsung Pay, a user must have a Samsung device, such as a Samsung Galaxy smartphone. Next, they must download and install the Samsung Pay app from an app store.

The user will then be guided through a series of steps in which they need to enter crucial personal information during the setup process. One of the most essential steps is adding a payment card to the Samsung Pay app.

To do this, you can manually enter the card details or use your phone’s camera to scan the card. An authentication code will be sent to your phone via SMS, email or a call to confirm that you’ve added the card. Once the verification process is complete, users are ready to start making contactless payments with the credit and debit cards that were added to their digital wallets.

Getting a Samsung Pay card is also possible, although the setup process differs from what was mentioned above. Once the setup is complete, it’s time to look at how Samsung Pay works.

One unique feature of this digital wallet app is that it uses magnetic secure transmission (MST), which mimics the swiping of a magnetic stripe of a physical card through magnetic waves. At present, neither Apple Pay nor Android Pay offer this.

This means that once Samsung Pay users present their card to a card reader to make mobile payments, the transaction will be processed as if a card was swiped or tapped on the point-of-sale (POS) device.

Samsung Pay works with a number of major banks, and because it uses a tokenisation process, debit card and credit card details are only visible to the issuing banks. In addition, you can still get your entire transaction history from the bank that issued your card.

Is Samsung Pay safe?

Many customers concerned about the safety of their bank card information being stored on their devices will wonder if Samsung Pay is safe. The short answer is a resounding yes.

However, let’s take a closer look at the different ways in which Samsung Pay keeps your card information secure:

• Firstly, each transaction must be authenticated by a fingerprint or a PIN. In the event of a lost or stolen phone, you can remotely lock or erase your Samsung account through the “Find My Phone” feature.
• Secondly, Samsung Pay gives users and customers confidence and assurance because it offers the same fraud protection as banks provide to users’ credit and debit cards.
• Thirdly, through the process of tokenisation, a unique and random set of numbers is created and used for every new transaction. This means that your card number is never used from your phone.
• Finally, using Samsung Pay means relying on Samsung Knox technology, which involves continuously monitoring your phone to keep your information safe. Every Samsung Pay user’s card information is encrypted in a separate and secure “data vault” at all times.

Overall, using Samsung Pay, whether with a new card or a replacement card, offers customers and merchants greater confidence, security and peace of mind.

How to use it as a business owner to make and accept payments

If you are a merchant who wants to accept payments in a smarter way and offer convenient purchase options, you will need to invest in a payment acceptance device such as a POS device.

This device needs to accept NFC and magnetic stripe payments. If you display the contactless symbol at your store, you’ll be able to accept payments via Samsung Pay.

Once a transaction is initiated, issuers like Mastercard and Visa will be contacted, who will then contact the customer’s issuing bank and either approve or reject the transaction.

If approved, the funds will arrive in your merchant account, meaning you can earn more money from your business by offering your customers different spending and payment methods.

What devices support it?

Wondering which devices support and are compatible with the Samsung Pay app?

While Samsung offers a broad range of devices, those that you can use with Samsung Pay include:

• Galaxy S21 5G
• S21+ 5G
• S21 Ultra 5G
• Note20
• Note20 Ultra
• S20
• S20+
• S20 Ultra
• Note10+
• Note10 5G
• S10
• S10+
• S10e
• S10 5G
• Note9
• S9
• S9+
• Note8
• S8
• S8+
• Z Flip 5G
• Z Fold2 5G
• Fold
• Z Flip
• A51
• A51 5G
• A50
• A71 5G

Although the number of selected devices may appear limited, it is growing and will continue to develop as more Samsung devices are added.

Conclusion

The broad range of Samsung devices that accept and work with Samsung Pay means that merchants seeking to cater to consumers with this digital wallet can take advantage of yet another payment method.

Setting up Samsung Pay is easy, offering ease and convenience to consumers. Simply launch the app, add your credit or debit card details, get authenticated, and start making transactions. With this digital wallet’s security, your payments are in safe and highly competent hands.

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