Samsung is continuing its roll out of its Samsung Pay mobile payments system to more countries. The latest country to get Samsung Pay is Italy.
That now makes a total of 21 countries around the world where Samsung’s mobile payment system is now available.
“We strive to deliver the best experiences to our customers. The rapid growth of Samsung Pay has been made possible by Samsung’s commitment to an open model of collaboration around the world, resulting in over 1,700 partnerships, including payment providers Visa and Mastercard®,” said Yongje Kim, Executive Vice President of Service Business Office, Mobile Communications Business at Samsung Electronics. “Its continued support for both MST and NFC payments has also enhanced adoption, enabling market access in countries that support either payment option.”
Global Expansion and Adoption
Samsung Pay’s expansion into Italy marks a significant milestone in the company’s global strategy. The service, which initially launched in South Korea in 2015, has rapidly grown to become one of the most widely accepted mobile payment systems worldwide. The inclusion of Italy is a strategic move, considering the country’s robust economy and high smartphone penetration rate. This expansion is expected to further solidify Samsung Pay’s presence in Europe, following successful launches in countries like the UK, Spain, and Sweden.
The adoption of Samsung Pay in various countries has been facilitated by its dual support for both Magnetic Secure Transmission (MST) and Near Field Communication (NFC) technologies. This dual support allows Samsung Pay to be used with a broader range of payment terminals, making it more versatile compared to some of its competitors. For instance, while Apple Pay and Google Pay primarily rely on NFC, Samsung Pay’s MST technology enables it to work with older magnetic stripe terminals, which are still prevalent in many parts of the world.
Partnerships and Collaborations
One of the key factors behind the rapid growth of Samsung Pay is its extensive network of partnerships. With over 1,700 partnerships globally, Samsung has collaborated with major financial institutions, payment networks, and retailers to ensure widespread acceptance of its payment system. Notable partners include Visa and Mastercard®, which are among the largest payment networks in the world. These partnerships have been crucial in building consumer trust and driving adoption.
In addition to financial institutions, Samsung has also partnered with various technology companies to enhance the functionality of Samsung Pay. For example, the integration with Samsung Knox, the company’s security platform, ensures that all transactions are secure and protected against fraud. This focus on security has been a significant selling point for consumers who are increasingly concerned about the safety of their financial information.
Moreover, Samsung Pay has also introduced several features to enhance user experience. These include the ability to store loyalty cards, gift cards, and even transit passes within the app, making it a one-stop solution for all payment needs. The service also supports online payments, allowing users to make purchases on e-commerce platforms seamlessly.
You can find out more details about the launch of Samsung’s mobile payment system in Italy over at Samsung’s website at the link below.
Source Samsung
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