Published on : Jul 18, 2017
PayPal announced that Samsung users will now be able to use PayPal as a payment option for making online as well as retail payments through Samsung Pay platform. According to Samsung, the service will first available to Samsung Pay users in the United States before it expands to other countries. The strategic partnership will also make Samsung Pay a mode of in-app payment and an online payment method for PayPal’s Braintree merchant base.
Samsung Pay to Compete with Apple and Android
This move is expected to widen the horizon for PayPal. Integration of PayPal’s wallet with Samsung Pay will make PayPal more useful than before. The mobile payment technology devised by Samsung is competing with Google’s Android Pay and Apple Pay. Samsung currently uses NFC point-of-sale system along with holding on to good old mag strip technology for its conventional users. The biggest advantage with Samsung Pay is that it supports Magnetic Secure Transmission (MST) technology, which is perfectly capable of mimicking card swipes. This feature will allow Samsung Pay at any place where cards are accepted.
Despite this feature, Samsung Pay is way behind its competitors the online payment markets, stated a recent study. A survey by Boston Retail Partners reveled at Apply Pay holds a key share in the U.S. market. PayPal also partnered with MasterCard and Visa to increase its store payments. This integration will be available with Samsung Galaxy S8 and S8+