Samsung Pay is getting ahead of its competitors thanks to its innovative technology for mobile payments. Now that Chase Bank is supporting Samsung Pay as well, this mobile payment option is far ahead of Android Pay and Apple Pay. Despite this positive news, Bitcoin remains the most versatile mobile payment method available today, although mainstream adoption is still far away.
Samsung Pay and Chase Bank
One of the main concerns with these various mobile payment solutions is how fractured the ecosystem truly is. Samsung Pay, Android Pay, and Apple Pay are all suffering from the same problem: lacking support from banks and retailers. But in the case of Samsung Pay, one major bank has been added to its list of “partners, as Chase Bank now supports this mobile payment method.
Due to Samsung Pay’s “different” approach to mobile payments, the service is pulling ahead of its main competitors. Unlike alternative mobile solutions, Samsung Pay users can make their payment either through NFC or by using the MST technology. This latter option lets mobile phone users send payment information to traditional card swiping terminals.
For the retailer, this news comes as a godsend, as they can delay the upgrade to NFC-enabled payment terminals a little bit longer. At the same time, Samsung Pay gained a powerful ally to add debit card support to its offerings, which has to happen on a bank-by-bank basis. According to the latest information, four major debit card-issuing US banks are on board with Samsung’s mobile payment solution.
However, there is always a caveat to these new payments, as leaving the credit or debit card at home is still not possible. MST technology is a great tool, assuming it works that is. Technology has a habit of being flakey at best, resulting in terminal not receiving the proper signal from the buyer’s mobile device on some occasions.
But there is an upside to MST technology as well, simply because it allows Samsung device owners to use the mobile payment solution at more locations. Not all retailers have upgraded their payment terminals yet, and as long as they accept credit or debit card payments, Samsung Pay should work – assuming the customer uses a card issued by a supported bank.
Stiff Competition For Bitcoin Payments?
Regardless of how much progress these “new” mobile payment solutions make, Bitcoin is still in a prime position to become the most widely used option. Not only do Bitcoin payments not even require card payment terminals to be installed in the first place, but the transaction fees are much lower compared to traditional payment methods.
But what is more, important is how Bitcoin payments do not suffer from the fractured nature of these mobile payment solutions. Considering how Bitcoin does not rely on banks to transfer wealth between parties, retailers can serve customers from all over the world with little to no additional costs. Bitcoin is an option well worth considering, especially if that retailer wants to serve tourists or business people from outside of the country.
What are your thoughts on this Samsung Pay news? Have you used the service yet, and if so, did you enjoy the experience? Let us know in the comments below!
Source: Press Release via Email
Images courtesy of Samsung Pay, Shutterstock