Samsung Electronics Co. Ltd. today announced an expanded strategic partnership with PayPal Holdings, Inc., adding PayPal as a payment method within Samsung Pay wherever Samsung Pay is accepted – in-app, online and in-store.
„Access to PayPal will be available for all Samsung Pay users in the United States and will expand to other countries soon.”, the company says. Users simply add their PayPal account to Samsung Pay, and can then spend the balance anywhere Samsung Pay is accepted.
Additionally, through Braintree, a PayPal service, merchants will be able to accept Samsung Pay as a method of payment in-app and online. „With just a few lines of code, merchants will be able to easily integrate Samsung Pay, offering their customers greater flexibility in how they pay and reducing friction through faster and more secure checkout experiences.”, according to the press release.
This strategic partnership between Samsung and PayPal will mutually benefit both organizations’ customers. PayPal users will now be able to use their PayPal wallet for offline payment transactions at millions of merchants where Samsung Pay is currently accepted, while Samsung Pay customers can leverage PayPal’s Braintree assets for easier online checkout.
Simple, Secure and Almost Anywhere
To make a payment with Samsung Pay, simply swipe up from the home button, scan a fingerprint or verify with iris scanning (which can be different from the authentication registered to unlock the device), and tap the back of the phone on a POS machine. Iris scanning is currently only supported on the Galaxy S8 and S8+ and biometric authentications may vary by market conditions.
Samsung Pay is built with three levels of security— biometric authentication, card tokenization and Samsung’s comprehensive mobile security platform, Samsung Knox, providing multi-layered protection from the device down to its kernel. In case users lose their phones, the FMM (Find My Mobile) feature enables users to lock Samsung Pay remotely with a preset password.
Samsung Pay works with Near Field Communication (NFC) as well as with Samsung’s patented Magnetic Secure Transmission (MST) technology. MST replicates a card swipe by wirelessly transmitting magnetic waves from the supported Samsung device to a standard card reader, allowing Samsung Pay to work almost anywhere cards are accepted.
Samsung Pay is now available in 18 markets, including South Korea, the United States, China, Spain, Singapore, Australia, Puerto Rico, Brazil, Russia, Thailand, Malaysia, India, Sweden, the UAE, Switzerland, Taiwan, Hong Kong and the U.K.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”