Australia: Westpac now on Samsung Pay

Westpac will be the first of the big four banks to be make Samsung Pay, a mobile wallet launched in June 2016, available to its customers. Prior to Westpac’s announcement the only institutions which allowed customers to use Samsung Pay were Citi and American Express. Worldwide, Samsung Pay has over 870 bank partnerships and over the last 18 months Samsung Pay processed over 240 million transactions. Customers can now load Westpac debit and credit cards to make contactless payments via mobile. Biometric authentication, via fingerprint or an iris scan will be used to verify users on Galaxy S8 and S8+ smartphones. Vice President of Samsung Mobile Division says that discussions are continuing for the other major banks to enable Samsung Pay for them. Unlike Apple Pay, another major competitor, Samsung does not charge a fee from the banks and allows free access to its phones’ near-field communications antenna, enabling banks to have their own proprietary digital wallet on Samsung phones. March 2017 RFi group data finds 70% of consumers would most prefer to use a mobile payment service directly from their financial institution, 23% from their card scheme provider and 7% from a third-party technology company such as Samsung or Apple.


Source: RFi Group Australian Digital Banking Program Mar-17

map4
Subscribe to receive insights delivered straight to your inbox
Latest news, unbiased expert analysis and insights across banking and finance