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Samsung Pay Wins Support from More Banks

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Oct 27, 2015, 12:24 PM by Eric M. Zeman
updated Oct 27, 2015, 12:25 PM

Updated: added reference to loyalty cards.

Samsung today said Samsung Pay will soon be supported by more financial institutions. This means a broader range of consumers will be able to add their credit or debit cards to Samsung Pay. Some of the new banks include Chase, PNC Bank, TD Bank, SunTrust, Fifth Third Bank, First Hawaiian, Key Bank, Silicon Valley Bank, Security Service Federal Credit Union, Navy Federal Credit Union, Virginia Credit Union, Associated Bank, Randolph Brooks Federal Credit Union, and People’s United Bank. Each of these card issuers will be added to Samsung Pay over the next few months. The American Express, MasterCard, and Visa payment networks already support Samsung Pay, and Samsung said Discover will join early next year. Moreover, Samsung Pay will soon add support for gift cards, loyalty cards, and store-issued credit cards. Samsung Pay is compatible with NFC- and MST-equipped terminals, unlike Apple Pay and Android Pay, which only work with NFC. Samsung says about three-quarters of payments made so far via Samsung Pay have been at MST-equipped terminals. Samsung Pay is available to the Galaxy S6, S6 Edge, S6 Edge+, and Note 5 on AT&T, Sprint. T-Mobile, and Verizon Wireless.

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