Regardless of whether you think the smartphone has changed the world for better or for worse, there’s no denying it has its uses. You can use it to open and close various apps while you’re bored, and you can use them to avoid making eye contact with strangers on the bus.
- What is Samsung Pay?
- How to set it up?
- How does it work?
- Do the big four offer Samsung Pay?
- Samsung Pay supported banks
- Alternatives to Samsung Pay
Thanks to the invention of digital wallet services, phones can also now be used to pay for things in place of your credit or debit card. One of the most popular payment services available on smartphones is Samsung Pay.
What is Samsung Pay?
Samsung Pay is a form of contactless payment technology (also known as a digital wallet) that’s exclusively available to users of the latest Samsung phones. It essentially lets you pre-load your credit or debit card information onto your phone (securely) and then lets you make quick and easy payments at the press of a button. Time is money after all, so why would you waste precious seconds digging out an actual card from your pocket?
Samsung phones are very popular worldwide. According to Statista, Samsung phones account for 22.7% of the global smartphone market share, while domestically they represent around 24%. This means as many as 24% of all smartphone users could have access to this payment technology, in addition to Google Pay – since Samsung uses the Android operating system.
Samsung pay also works on Samsung smartwatches.
How to set up Samsung Pay
To set up Samsung Pay, just follow these steps:
- Check that your bank allows Samsung Pay – we’ve prepared a list below.
- Download the Samsung Pay app from the Google Play store.
- Sign in and add your account details
- Add your usual card details
Once this is done you simply swipe up from the bottom of your home screen to make quick and easy payments.
On a smartwatch, simply open Samsung Gear, set yourself a PIN number and add your card details by scanning it with the watch.
How does Samsung Pay work?
Samsung Pay stores your card information on your Samsung device and utilises your phone’s Near-Field Communication (NFC) chip to connect to EFTPOS machines and merchant terminals the same way the physical card would. It’s used exclusively for ‘Tap n Pay’ purchases, as you obviously can’t insert a phone into a reader (although maybe the next generation of smartphones will be as thin as a credit card). It’s fast, easy to use and doesn’t require verification for purchases under $100.
With Samsung Pay, you can also store card information on your phone and quickly make online purchases by auto-filling your details, which can save a lot of time.
Samsung Pay is accepted at millions of locations around the world. According to Samsung, the following devices support Samsung Pay:
- Galaxy S10e, S10 and S10+
- Galaxy Note9
- Galaxy S9 and S9+
- Galaxy Note8
- Galaxy S8 and S8+
- Galaxy S7 and S7 edge
- Galaxy S6 edge+
- Galaxy S6 and S6 edge
- Galaxy A70
- Galaxy A50
- Galaxy A30
- Galaxy A8
- Galaxy A7
- Galaxy A5
- Galaxy Note5
- Galaxy J7
- Galaxy J5 Pro
- Galaxy Watch Active
- Galaxy Watch
- Gear Sport
- Gear S3
- Gear S2
Does Samsung Pay cost you anything to use?
Nope, Samsung pay costs you nothing to use. The only fee you’d need to pay for using Samsung pay is a merchant-specific credit card surcharge, which isn’t a Samsung fee at all, but rather a fee charged by the merchant to recoup the costs of allowing certain credit cad networks to be used.
Are there any dangers to using Samsung Pay?
Samsung Pay – and digital wallets in general – are very safe to use, perhaps even more so than a physical card. According to Samsung, your card’s information is encrypted and sent to Samsung servers and you’re given a one time password for verification, which prevents someone else adding your card to their own Samsung Pay fraudulently if they steal it.
When you make a payment, you need to either enter your pin quickly or use fingerprint ID. The merchant will then receive a unique token instead of your card number which changes every time. If this virtual card number were to be skimmed or stolen, it would be worthless to thieves.
If there’s any danger to using tools like Samsung Pay, perhaps its the relatively minor danger of causing an inconvenience to you (and the merchant) in the off chance it doesn’t work the first time when you try to use it to pay for something, which can sometimes happen.
Do the big four banks offer Samsung Pay?
They certainly do. At the time of writing (September 2019) all four of the big banks offer Samsung Pay capabilities to their customers. In fact, they were very early to do so, with the last of them switching on Samsung Pay in March 2018.
The fact that Samsung pay costs nothing for the banks to use surely helped with their quick uptake. Of all the major mobile wallet solutions out there, the only one not offered by all the big banks is Apple Pay, which is yet to be made available for Westpac customers.
Does ANZ offer Samsung Pay?
ANZ was the first big bank to offer Apple and Google Pay, but as for Samsung Pay it had to settle for number two, introducing Samsung Pay on July 18 2017. However, this did make it the first major bank to offer all of the major digital wallet solutions.
“It made sense for us to introduce Samsung Pay in Australia given its strong market share and open approach to technology that its customers highly value,” said ANZ managing director of products Bob Belan.
“ANZ customers are now best placed to select which mobile payment service they want to use and with the addition of Samsung Pay we continue to offer the best range of the major banks in Australia.”
Does Commonwealth Bank offer Samsung Pay?
Commonwealth Bank was the third of the big four to offer Samsung Pay as of February 20 2018. Available to Mastercard debit and credit cardholders, Samsung Director of IT and Mobile Garry McGregor said: “We’re thrilled to partner with Commonwealth Bank on Samsung Pay as this strengthens our shared commitment, that’s existed since 2013 with CBA’s Tap & Pay on the Galaxy S4, to develop easy-to-use, secure and ‘smart’ mobile wallet options for Australians.”
Michael Baumann, General Manager Everyday Banking & Payments at Commonwealth Bank, also said it would give customers more ways to pay.
“With more than $6 billion of transactions across the CommBank app each week we know that our customers love using their phones to make payments. Since 2013 our customers have been able to use their smartphones to make payments,” he said.
Does NAB offer Samsung Pay?
Yep, NAB was the last of the big banks to turn on Apple Pay, officially announced on March 26 2018.
“Today’s announcement also represents an important milestone as we are now able to provide Samsung Pay to all major banking customers across the nation,” Samsung Head of Product and Services Mark Hodgson said at the time of release. “We believe that our collaboration with partners like NAB will help further enhance our mobile experience for Australians and look forward evolving the portfolio further over the upcoming year.”
NAB Executive General Manager of Consumer Lending meanwhile said: “We know our customers increasingly want to be able to pay for their purchases quickly and conveniently, and Samsung Pay is a safe and secure digital wallet that they can now use.”
Does Westpac offer Samsung Pay?
Westpac, which as of yet still doesn’t offer Apple Pay, was actually the first of the major banks to use Samsung Pay. Westpac made Samsung Pay available on April 11 2017.
“With Westpac on board, we now serve a market that’s close to a third of Australians,” Samsung Australia mobile vice president Richard Fink said at the time.
Westpac consumer bank chief George Frazis meanwhile said: “Customer behaviour is changing all the time and the growth of mobile banking in the past three years has been exponential. For us, Samsung Pay is about being where our customers are, and offering them flexibility, choice and convenience.”
Which Australian banks support Samsung Pay?
Samsung Pay isn’t quite as popular as the likes of Apple Pay and Google Pay, which have more than 70 banking partners each. Samsung Pay, by contrast, has 61 supported banks on its roster as of September 2019. Here’s a complete list of them:
If your bank isn’t on the list, Samsung has a form where you can enter your details to notify you of when your bank becomes Samsung Pay supported.
What are the alternatives to Samsung Pay?
Samsung phones use the Android operating system, which is the biggest in the world. Android phones account for 63.5% of the global market while domestically, Android is the slightly more popular option at 53% compared to Apple’s 47% according to Telsyte.
If you have a Samsung phone you can potentially use two branded mobile wallets: Samsung Pay and Google Pay, which is the Google alternative available on most modern Android devices. Such devices can include phones from the likes of Sony, LG, Huawei, Acer and others.
The main alternatives to Samsung Pay and Google Pay are:
- Apple Pay: a contactless payment technology exclusive to users of Apple products from the iPhone 6 onwards.
- Garmin Pay: Garmin Pay is a contactless payments solution for people who have a Garmin smartwatch. Paying with your watch can make you look like even more of a tech-savvy hotshot than paying by phone like an amateur.
- Fitbit Pay: you can also pay for that kale & chia seed superfood smoothie (#fitspo #cleaneating) after doing your morning run with Fitbit pay, which is the same thing just available on Fitbit smartwatches.
Some banks also have their own mobile payment services like Commonwealth Bank’s Tap & Pay, which are only available to customers of those particular banks.
Savings.com.au’s two cents
Contactless payment technologies are fast becoming the new norm in Australia and indeed throughout the world. But for some people, there can be legitimate reasons to not use Samsung Pay or other similar options. For example, it might tempt you to overspend due to ease of access.
But if you do decide to use it, it can be a very easy way to pay for things in your day to day life. You can also check out banks that offer rival payment options like Google or Apple Pay.
- How property investors can keep tenants onside during COVID-19
- Have a mortgage deferral? Here's how your lender is expected to help when it ends
- Unemployment marginally increases as job market recovers in July
- Australians flock to used cars as new car sales dwindle
- NAB cuts home loan interest rates for investors