Samsung is expanding its Samsung Pay mobile payments service in the US and adding in support for an additional 20 banks and credit unions. This expansion is part of Samsung’s ongoing efforts to make its mobile payment platform more accessible and convenient for a broader range of users. By increasing the number of supported financial institutions, Samsung Pay aims to provide more options for consumers to make secure and easy transactions using their mobile devices.
New Banks and Credit Unions Supporting Samsung Pay
Some of the new banks which now support Samsung Pay in the US include the First Metro Credit Union, the Amalgamated Bank of Chicago, and more. This expansion is significant as it allows more users to take advantage of Samsung Pay’s features, such as contactless payments and secure transactions. The inclusion of these additional banks and credit unions demonstrates Samsung’s commitment to enhancing its payment ecosystem and providing a seamless experience for its users.
You can see the full list of the 20 new banks and credit unions below:
- A+ Federal Credit Union
- Amalgamated Bank of Chicago
- American 1 Credit Union
- Ballston Spa National Bank
- Congressional Federal Credit Union
- Consumers Credit Union
- First National Bank of Durango
- Greenville Federal Credit Union
- Heritage Federal Credit Union
- Ideal Credit Union
- Island Federal Credit Union
- KeyPoint Credit Union
- IBM Southeast Employees Credit Union
- Metro Credit Union
- NIH Federal Credit Union
- North Country Community Credit Union
- Northrop Grumman Federal Credit Union
- RBCU
- Robins Financial Credit Union
- Schools Financial Credit Union
- Velocity Credit Union
Benefits of Samsung Pay
Samsung Pay offers numerous benefits that make it a preferred choice for many users. One of the key advantages is its wide acceptance. Unlike some other mobile payment systems, Samsung Pay uses both Near Field Communication (NFC) and Magnetic Secure Transmission (MST) technologies. This means it can be used at almost any payment terminal, even those that do not support NFC. This broad compatibility makes Samsung Pay a versatile and convenient option for users.
Another significant benefit is the security features integrated into Samsung Pay. The platform uses tokenization, which replaces sensitive card information with a unique identifier, or token, that is used for transactions. This ensures that actual card details are never exposed during the payment process. Additionally, Samsung Pay requires authentication through fingerprint, PIN, or iris scan, adding an extra layer of security.
Samsung Pay also offers a rewards program, where users can earn points for every purchase made using the service. These points can be redeemed for various rewards, such as gift cards, Samsung products, and more. This incentive encourages users to utilize Samsung Pay for their everyday transactions, enhancing user engagement and loyalty.
There are full details available over at Samsung’s website on all of the banks that their mobile payment system supports at the link below.
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