After its launch in South Korea, China and US markets, Samsung Pay has made a debut in Spain, a way to enter European market. It is the first mobile payment facility to reach Europe so far. Its rivals Apple Pay and Android Pay are still available in UK, which has the highest number of contact less cards. Thus being ahead of the competitors Samsung Pay has an opportunity to grab and have a stronghold over the market.
This step has come out of the research commissioned by this South Korean tech giant, which shows that 64% of consumers in Spain use debit and credit cards for payment. Thus a big potential market was seen.
Samsung Pay gives an advantage over other mobile wallets in US market because they work on MST (Magnetic Secure Transmission Terminals) and did not have to install NFC (Near Field Communication) enabled terminals in their stores. Samsung Pay works through similar magnetic strips on credit cards, which work on all the terminals that accept credit cards and debit cards. However in Spain, where contact less payment machines are already popular, this could be a point missing as Samsung Pay did not make any mention about MST.
Victor Kim, global director of Samsung Pay spoke in a press release, “Our goal with Samsung Pay is to drive and lead innovation in mobile commerce, giving consumers a safer, smarter and better mobile wallet”.
This service is available for consumers having cards of CaixaBank and ImaginBank. They can download their cards on their smartphones to enable mobile payment. Samsung Pay can have partnership with Abanca and Banco Sabadell soon. Moreover, the Samsung devices which will be compatible to this service are Galaxy S6 and S7. Going forward, soon it is expected to be available on new Galaxy A5 as well.