Scandinavian bank Nordea has announced that consumers in Sweden can now use Samsung Pay, the rival technology to Apple Pay and Android Pay, to make instore payments via their smartphones.
The service is available for all compatible Samsung smartphone owners who have a Nordea account and debit or credit card, via the new Nordea Wallet app and the Samsung Pay app.
Sweden is the first country in the Nordic region to support Samsung Pay, and the third in Europe following Spain and Russia. Samsung Pay has been fully rolled out in several other countries including the U.S, Puerto Rico, China, Singapore, South Korea, Australia, and Brazil.
In related news, reports this week have revealed that Samsung Pay will launch in India ahead of Apple Pay, which has to-date dominated the smartphone payments markets across the globe, in part due to its early entry into each country.
Samsung has partnered with a number of local banks to implement the technology, including Axis, HDFC, SBI, Standard Chartered, and ICIC, It is also reported that Citibank credit and debit cards will be compatible with the technology soon, and that Samsung might also have already begun similar discussions with American Express.
With India’s drive towards a cashless economy continuing at pace, and with the fintech industry firmly setting its eyes on the potential in the Indian market, it comes as little surprise that smartphone instore solutions are a high priority in the payments industry.
Whitepapers
Related reading
Bobsguide Payments Rankings 2019 open for voting
Over the past few years, the payments ecosystem has changed seismically, with regulations driving competition and new market structures blossoming across the ... read more
For issuers and acquirers, PSD2’s impact will be felt differently
By Roger Lester, fraud market expert, Featurespace
Simplified IBAN management crucial to banks and payment institutions
Banks, payments providers and those looking to move money across territories are looking to simplify their processes through clearer and integrated IBAN ... read more
Regulations drive payments growth
The EU’s second payments directive (PSD2) and the UK’s Open Banking initiative are encouraging competition and opening access to payments services, according ... read more
