Samsung’s rival to Apple and Android Pay, Samsung Pay, just got a big boost with the addition of Chase credit cards.
To use Samsung Pay, people open an account by entering their credit card information. After that, they can pay for what they purchase by merely tapping their phones on a point of sale device that uses wireless technology. Samsung Pay, which can be used in South Korea and the U.S., already supported credit cards from MasterCard, Visa, and American Express, but Monday’s announcement brings the ability to use debit and credit cards from Chase Bank and SunTrust. Samsung already supported the use of debit cards from Bank of America and Citi.
What makes Samsung Pay (SSNLF) different from Apple Pay (AAPL) and Google’s Android Pay (GOOG) is that merchants can accept payments using their existing credit card terminals. They do not need the NFC technology, which is required by Apple and Google, to operate. Samsung Pay’s technology sends a small magnetic signal from a smartphone to a credit card reader, which is similar to the signal that’s produced when a credit card is swiped.
In the first few months in South Korea, Samsung Pay rang up $30 million in transactions. Since the debut in the U.S., the company hasn’t disclosed any updated transaction numbers. Apple has also remained quiet around giving exact usage numbers, but recently said usage of Apple Pay by iOS users is growing month over month at double-digit rates.
Amid competition from Apple and Google, Samsung is also incentivizing its mobile phone users to sign up for its payments service by offering a $50 Best Buy gift certificate to new users.
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