Samsung Pay

Samsung will add support to more banks in 2019

In the recent announcement, Samsung claimed to add support for 5 more banks to its money transaction platform – Samsung Play. At a media event in Johannesburg, Samsung pay lead Philip talked about the company’s latest initiate for adding more bank including Investec and Discovery Bank. He also gave a schedule for Samsung’s pay. In the first quarter of 2019, Samsung is going to add 3 banks – which include Investec and Discovery bank. 4th bank will be added in second quarter and fifth bank will be supported by the end of this year. The company is still in the process of negotiation about terms and conditions with these banks.

Henning stated, “We are currently in the process of implementing Samsung Pay with FNB, but I am not allowed to disclose any timelines”. The audience asked about adding other banks like Tyme bank and Bank zero but he refused to admit or deny any contacts with them for Samsung Pay.

Since the program being launched, the number of users are growing at fast pace. The number of downloads have grown exponentially in South Africa. Henning also refuse to disclose the number of active users on Samsung Pay in SA but he mentioned that application is processing hundreds of thousands of transactions locally. The Samsung Pay app support any loyalty card which uses a numberic sequence or barcode.

A research conducted at HIS Markit reveals that by the end of 2017, there were almost 2.4 billion smartphones were compatible with Apple Pay, Samsung Pay and Android Pay which will increase to around 5.3 billion by 2021. This mean, Apple and Samsung has to expand their payment services by building partnerships with banks and financial sector. Apple and Samsung are currently the global leader of digital payments on smartphones. Despite of having a tough competition created by Chinese companies, Samsung is rapidly catching up the large share of market. Google has an advantage over Samsung of having a huge level of content and platform support. To engage customers into Samsung’s eco system, Samsung is looking forward to expand its pay support of online retail as well.

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