After only a month in operation in the US, Samsung is hyping the success of its Samsung Pay mPayment platform.
The platform boasts of a number of partners and supporters. Visa, MasterCard, and American Express all support the service, as do major banks including Citi, Chase, Bank of America, and US Bank. The company has also announced that soon several smaller banks such as Silicon Valley Bank, TD Bank, People’s United Bank, and more will come on board. Discover will begin supporting the service next year.
In a press release, Samsung was also keen to highlight the advantages of its MST (magnetic secure transmission) technology, which works with NFC to essentially trick traditional magnetic swipe-based card readers into accepting contactless, smartphone-based payments. The company highlighted what it suggested to be signs of high adoption rates, noting that there is a “strong indication” that Americans who have used the service have engaged in “repeat usage with an average of eight transactions per user,” with three quarters of those transactions having used MST.
Still, the company hasn’t actually said how many users Samsung Pay has in the US. It’s possible that Samsung simply doesn’t want to show its hand as it competes against Apple Pay on that service’s home turf, since Apple also hasn’t disclosed hard numbers about adoption rates. In any case, both companies are staying the course, signing up new partners among banks and merchants as they strive for marketshare.