After the introduction of Samsung Pay, a platform which allows Samsung users to pay for goods with their Samsung device, earlier this year, the South Korean mobile manufacturer has announced expansion plans, which include five more supported banks, as well as compatibility with Samsung smartwatches.
The announcement was made at a recent media event in Johannesburg. Samsung Pay Project Lead, Philip Henning, said that the mobile payment platform would now also be supported by five additional banks, including Investec and Discovery Bank. Three more banks, which were not named, would be supported on the platform by the end of 2019.
Samsung Pay has proved hugely successful on the South African market. Henning did not disclose exactly how many people use the service to make payments, but did reveal that hundreds of thousands of transactions have been processed locally since the launch of the platform in the country.
Henning also said that owners of Samsung smartwatches would soon be able to use these to make payments using Samsung Pay, following an overhaul of the app and its user interface. This will allow users to quickly access Samsung Pay on their smartwatch by holding the back button for one-and-a-half seconds to make contactless payments at POS terminals that are equipped with NFC technology.
When the Samsung Pay app appears on the screen of their wearable device, users will be able to access the card they want to pay with and make payment. Samsung has also built in an additional security feature that requests the user to enter a PIN number, should the device detect that contact between the user’s body and the device has been broken.
The wearables that will be compatible with Samsung Pay are the Samsung Gear S3 Classic, the Samsung Galaxy Watch, the Samsung Gear S3 Frontier and the Samsung Gear Sport.
Although Henning did not give exact dates for the initiation of the new functionalities and didn’t say exactly when the additional banks that will be supported on Samsung Pay, he did say that users can expect the new features “shortly”. Watch this space!