Samsung Pay sees strong repeat usage among U.S. consumers

An employee demonstrates a Samsung Pay, Samsung's new mobile payment system at a shop in Seoul, South Korea, September 4, 2015. REUTERS/Kim Hong-Ji/Files

Samsung Electronics Co’s new mobile payment service Samsung Pay has enjoyed strong repeat usage among U.S. consumers with an average of eight transactions per user, the world’s top smartphone maker said on Tuesday.

Samsung Pay, which rivals mobile wallets like Apple Inc’s Apple Pay and Google’s Android Pay, allows consumers to pay at retail locations using their smartphones. It was launched on Sept. 28 in the United States.

Samsung’s mobile wallet offers wide coverage of payment terminals where it can be used, and this is its biggest advantage, the company said at the Money 20/20 payments conference in Las Vegas.

Samsung Pay allows users to make payments by putting their phone on, or near, magnetic stripe card readers already in wide use at retailers. It has signed up credit card firms and banks such as Visa, MasterCard and Chase as partners.

By comparison, Apple Pay, launched last September, requires retailers to install new equipment that supports near field communication (NFC) compatible with its service.

“Consumers who have used Samsung Pay are using it repeatedly because it works almost anywhere you can swipe or tap a card,” Thomas Ko, global co-general manager of Samsung Pay said.

In the past four weeks, three out of four Samsung Pay transactions were made on magnetic stripe card readers and the remaining were on NFC terminals, Samsung said.

The smartphone maker is also expanding the network of banks that support Samsung Pay. It will add cards issued by Chase, PNC Bank and thirteen other banks and credit unions in the coming months.

(Editing by Chizu Nomiyama and David Gregorio)

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.