Samsung Pay has gained the support of another important financial institution. New England-based People’s United Bank has now enabled Samsung Pay for its customers.
In a statement announcing the support, the bank emphasized the mPayment platform’s security, highlighting its use of fingerprint authentication, tokenization, and the Samsung KNOX security architecture. The bank also pointed out that with its MST technology, Samsung Pay is the most widely compatible mPayment app. Emphasizing that People’s United Bank seeks to “explore new ways to expand mobile payment options” for its customers, Payment and Direct Banking FVP Ted Josephson said that “Samsung Pay’s wide acceptance and security are a perfect fit” for the bank’s MasterCard debit card.
For Samsung, every additional supporter helps as the company seeks to build Samsung Pay’s presence in the US market, where rival Apple Pay is deeply entrenched, having had a considerable head start. Apple Pay has well over a thousand financial institution supporters, but its reliance on NFC technology means it is less widely compatible with merchants’ POS terminals than Samsung Pay.