Samsung Pay

Samsung has announced that it will be expanding its fledgling mobile payment service in the US next year, providing the service even to the lower end smartphones.

The system allows customers to pay for goods by simply placing their handsets on or next to a point-of-sale terminal.

The mobile wallet facility will be rolled out to the lower-priced smartphones within the next year, Thomas Ko, global co-general manager of Samsung Pay told Reuters.

The Samsung Pay will be available widely on the most handset as well as the online payment system is coming soon, he further added.

Samsung Pay would compete with PayPal and Visa with its new online payment system. it is already the most widely accepted mobile wallet in the United States because it is compatible with new and older credit card terminals and do not require any special arrangements with retailers, Ko said.

James Wester, Financial Insights at IDC pointed out that “moving online could be a smart move” for Samsung. Customer adoption is quite hard on mobile payments because swiping a credit is just as easy, he told. By accepting online payments, Samsung could build customer habit which in turn benefits them when US consumers transact in stores.

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