Samsung Pay announced today that is is now supporting Wells Fargo in its journey to dominate the mobile payments space.
The addition of Wells Fargo means that Samsung Pay now supports 70 different banks and credit unions. You can find a detailed list of supported institutions here, but Samsung Pay does support all of the major ones out there, such as PNC, Chase, and American Express.
It goes without saying, Samsung Pay has been a roaring success, and the company only sees growth ahead. Samsung Pay has signed up over 5 million customers and has handled transactions to the tone of $500 million. These numbers are about to get bigger as Samsung looks to expand its Pay service.
Samsung Pay is looking to become more globally available, offering the mobile payment service in regions like China. Later in the year we should see Samsung Pay expand to other markets as well, including Australia, Brazil, Canada, Singapore, Spain, and the United Kingdom.
Are you using Samsung Pay now that the mobile payment service supports Wells Fargo?
We’ve got the press release below.
Samsung Pay Expands with Addition of Wells Fargo
After five months on the market, 70 major banks and credit unions support Samsung Pay in the US
NEW YORK – March 2, 2016 – Samsung Electronics Co., Ltd. announced that, beginning today, Samsung Pay—the most widely accepted mobile payment system—will now support eligible Wells Fargo credit and debit cards. With the addition of Wells Fargo, Samsung Pay now supports eligible credit and debit cards from 70 banks and credit unions, covering over 70 percent of the US credit and debit card market.
“I am delighted to have Wells Fargo on board with Samsung Pay and that our users can now enjoy more choices in debit and credit cards,” said Injong Rhee, Head of R&D, Software and Services, Samsung Electronics Mobile Division. “Samsung Pay is gaining its momentum in customer adoption, and we will continue to expand the list of issuers. I look forward to offering many compelling mobile payment services to our joint customers together with Wells Fargo.”
“We are pleased today to announce that Samsung Pay is available for Wells Fargo customers,” said Jim Smith, head of Virtual Channels for Wells Fargo. “Innovations like Samsung Pay further our commitment to giving our customers the ability to make payments anytime and anywhere, including from a mobile wallet.”
Samsung Pay announced last week that about five million registered users processed over 500 million dollars in the first six months, showing a strong adoption rate in South Korea and the U.S.* This also demonstrates the increasing use of Samsung Pay for its convenience, flexibility and security.
Samsung Pay supports all major payment networks and many of the country’s major banks. It continues to expand its partnership ecosystem. Click here for the full list of financial partners that support Samsung Pay.
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SIMPLE: To make a payment on Samsung Pay, users can simply swipe up, scan their fingerprint and pay.
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SAFE: Samsung Pay uses tokenization, Samsung KNOX, and fingerprint authentication to provide secure payments. And, as terminals are upgraded to EMV, that security is leveraged, too.
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ALMOST ANYWHERE**: Samsung Pay is compatible with the majority of existing and new terminals, including most magnetic stripe, EMV and NFC terminals. That means Samsung Pay works at more places than any other mobile payment service.
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