Samsung’s mobile payment service, Samsung Pay, has so far only been rolled out in the US and South Korea, with rumours that it will come to UK shores early in 2016, some sources say that it be as early as the first quarter of 2016 and be launched in China and Spain as well.
The latter part seems to be coming true as CaixaBank has just partnered with the South Korean telco and electronics giant to include Samsung Pay in its mobile payment method offer.
CaixaBank launched its first mobile payment service, CaixaBank Pay, based on Host Card Emulation technology, last September, and this agreement enables CaixaBank to enhance the range of mobile payment services offered by the bank.
The partnership means it has become the first bank in Spain to offer the mobile payment service. Customers from CaixaBank and imaginBank will be the first to enjoy the service, which can be used to make purchases almost anywhere you can currently pay with a contactless credit or debit card. This is because Samsung, unlike Apple, ensured its service was able to work with not only contactless terminals but also with ones that were only able to process the older magnetic stripes on the back of credit and debit cards.
Samsung Pay works in more than 70 per cent of stores in Spain that already operate with contactless technology, amounting to over 600,000 payment terminals.
The service has been tested over the last few weeks and will be offered to customers in the coming months. After the launch of the service, users can download their CaixaBank debit or credit cards on their smartphones in order to make payments.
Whitepapers
Related reading
Travel industry must keep up with consumers’ payments demands
Payments providers must keep up with the fast-paced change of consumer demands in the travel sector, according to Kevin White, Mastercard’s director ... read more
Nissan joins in-car payments race
Payments services providers and fintechs have unleashed a flurry of collaborative innovations over the course of the past decade in order to ... read more
Ripple courting banks, paytech and big fintech to beat Swift to emerging markets
Midway into 2019, Ripple is broadening its clientbase in order to boost growth and capture emerging market volumes, according to Marcus Treacher, ... read more
UK SMEs need to embrace technology revolution
Modulr CEO Myles Stevenson and Seamus Smith, executive vice president of worldwide payments and banking for Sage, on why now is the time to embrace digitisation