Samsung Pay Transforming Into Comprehensive Digital Wallet

It’s been over a year since Samsung Pay made its debut in the US, and it has emerged as a formidable mobile payments service.

Samsung Pay Transforming Into Comprehensive Digital WalletInitially, its pitch to consumers revolved around the system’s MST technology, which allows it to emulate the magnetic stripes used to swipe payment cards on older POS systems, with contactless NFC readers not as prevalent in the US as it was in other markets. But this advantage is gradually fading in importance as NFC continues to emerge.

That’s part of the reason Samsung has sought to introduce new features and capabilities. One that was recently announced is Deals, an in-app feature that tells users what nearby stores are offering special promotions. Another development is Samsung’s announcement that its Gear S3 smartwatch features full Samsung Pay functionality, letting users enjoy the app through their wristbands.

There’s more on the way. Samsung says that users will soon be able to make purchases through other companies’ apps using Samsung Pay, and next year it will be listed as a payment option via Mastercard’s Masterpass online payment system. With Samsung Pay set to launch in Malaysia and Thailand by the end of the year, these new developments may help to further increase its popularity and the prevalence of mPayments in general.

[Correction 11/08/16 – An earlier version of this article suggested that Samsung Pay had yet to launch in Russia; it has been active in the country since the end of September, 2016.]