Samsung Pay has officially been released nation-wide, offering Canadian consumers another contactless payment method to add to their digital wallets. Samsung Pay, offered previously only to CIBC customers, is now offered to most Samsung device users. Specifications on which devices are able to utilize Samsung Pay can be found on the Samsung website.
What is it?
As the name suggests, Samsung Pay is a free mobile app on Samsung devices that works as a digital wallet to store users credit and debit card information. Samsung Pay allows for customers to pay for their transactions by hovering their smartphone over a payment terminal, that reads card data through a system called Near Field Communication (NFC), and identifies the customers identify with fingerprint or PIN authentication.
Similar to other digital wallet style payment options, such as Apple Pay or Android Pay, smartphone owners input their credit card data into the Samsung App, which stores the information for whenever a payment is made.
In addition to storing credit card information for payments, Samsung Pay allows users to store loyalty and membership cards within the app. Loyalty cards can be added into the system by scanning a barcode on the back of the card, or manually imputing the data, and saved to the system. Cards can then be scanned from the Samsung Pay app on the smartphone directly before a payment is made.
How does this affect payments at your business?
Accepting Samsung Pay at your business couldn’t be easier, as most businesses are already well-equipped with the supplies you need. If your payment terminals are already set up to accept other contactless payment methods, such as Apple Pay or Android Pay, you’re already ready to start accepting Samsung Pay. If your terminals do not accept contactless payments, contact Moneris at 1-844-204-8626 today and we’ll get you set up with the terminals and software you need to start accepting these options.
With Samsung Pay being available now nationwide, you may notice that more customers will want to pay for their items using their Smartphone. Make sure your business is payment ready today and in the future by having the best payment processing options for your customers by accepting contactless payments.