Connectors / Payment methods / Samsung Pay

Samsung Pay

#e-Wallet

Samsung Pay is a mobile payment service developed by Samsung Electronics. It allows users to make in-store purchases using their compatible Samsung smartphones, Samsung Galaxy smartwatches, or other compatible […]

Certified payment providers 8
Market coverage 77
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Currencies 8
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Description

Samsung Pay is a mobile payment service developed by Samsung Electronics. It allows users to make in-store purchases using their compatible Samsung smartphones, Samsung Galaxy smartwatches, or other compatible Samsung devices. Here are some key details about Samsung Pay:

– Compatibility: Samsung Pay is available on a wide range of Samsung devices, including high-end Galaxy smartphones, Galaxy watches, tablets, and some Samsung TV models.
– Payment Technology: Samsung Pay uses various payment technologies to enable transactions. This includes Near Field Communication (NFC) technology, which allows for contactless payments by simply holding your compatible device near the payment terminal. Samsung Pay also utilizes Magnetic Secure Transmission (MST) technology, which mimics the magnetic signal of a traditional credit card, enabling it to work with most existing payment terminals even if they don’t have NFC technology.
– Security: Samsung Pay is designed to provide a high level of security. It employs multiple layers of security, including biometric authentication (fingerprint, facial recognition, or iris scan) and tokenization. Tokenization replaces actual credit card information with unique tokens, reducing the risk of fraud.
– Usage: To use Samsung Pay, you first need to add your credit or debit card information to the Samsung Pay app on your compatible device. You can also add loyalty cards and gift cards to use them during your purchases. When making a purchase, open the Samsung Pay app, select the desired card, authenticate yourself using the chosen security method, and then hold your device near the payment terminal.
– Acceptance: Samsung Pay is accepted at many stores worldwide. It works with most NFC and MST-compatible payment terminals, allowing it to be used in a wide range of merchants, including those that may not yet accept traditional contactless payments.

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Frequently Asked Questions

What are the best practices for managing cross-border payments?2023-04-18T18:56:57+02:00

NORBr is a payment orchestrator that connects you to all cross-border payment services providers that can help you manage your cross-border payments efficiently and securely, while also ensuring compliance with relevant regulations. NORBr offers advanced features like fraud detection, currency conversion, and real-time tracking and reporting, which can help you optimize your payment processing for cost efficiency and speed.

What are the risks associated with cross-border payments?2023-04-18T18:57:21+02:00

Cross-border payments can be associated with several risks for you, including currency fluctuation risk, regulatory risk, and fraud risk. Currency fluctuation risk refers to the potential impact of exchange rate fluctuations on the value of your payments. Regulatory risk relates to the complexity of complying with different regulations in different countries. Fraud risk refers to the potential for fraudulent activity, which can be more difficult to detect and prevent in cross-border transactions.

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