Samsung Pay has launched in beta across Sweden, the first Nordic country to see the mobile payment service rolled out, with support from debit and credit card providers Mastercard, Mastercard SAS, Visa, Eurocard, and banks Nordea and SEB. Other supporting financial institutions joining “shortly” include Handelsbanken, ICA Banken, Re:member, Swedbank and Ticket Rikskuponger.
Samsung PayThe beta version is the “first version” of Samsung Pay being introduced in the country, Samsung says, and the company will “continue to develop and add services and compatible cards” as it continues to roll out.
“To use the service, you need a compatible device designed for the Nordic market, a Samsung account, a Swedish SIM card and a connected credit/debit card,” Samsung adds.
“Close to 100% of the payment terminals in Sweden accept Samsung Pay. Samsung Pay works without the stores needing to join or replace their terminals. That means it works in almost all places where you can pay by card.”
Samsung Pay is available on the following devices in Sweden — Galaxy A5 (2016), Galaxy S7 and Galaxy S7 Edge. Samsung Pay beta will also work on the Galaxy A5 (2017) and the Frontier Gear S3 and S3 Gear Classic smartwatches “soon”.
“Sweden is the first Nordic country where Samsung Pay is made available and Sweden is also a leading country when it comes to using mobile payment services,” says Topi Manner, head of personal banking at Nordea Bank. “The smartphone penetration is very high and many of our customers are using a Samsung mobile device.”
Samsung Pay Beta version is now available for meal card users in Sweden. Edenred Sweden partnered with Samsung Pay as soon as it was launched in the country, according to a press release. This partnership enables the 120,000 users of the Ticket Rikskuponger* card to make contactless payments for their lunch with a smartphone.
Samsung Pay is now fully launched in 11 markets: South Korea, the US, China, Spain, Singapore, Australia, Brazil, Puerto Rico, Russia, Thailand and Malaysia. It launched through an early access programme in India last week.
„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.”