Samsung Electronics Co. Ltd today announced an extended strategic partnership with PayPal Holdings, Inc., which will add PayPal as a payment method to Samsung pay, where Samsung is accepted – in-app, online and in- Access to Store PayPal will be available to all Samsung users in the United States and will soon expand to other countries. Additionally, through Braintree, a PayPal service, merchants will be able to accept Samsung Pay as a method of payment in-app and online.
According to Samsung Electronics, Samsung Pay cut a strategic partnership deal with PayPal and decided to add PayPal accounts to the Samsung Pay mobile payment platform. Through this strategy, Samsung will expand its customer base by partnering with PayPal, which is used by more than 200 million people, and PayPal will create synergy through expanding offline payment areas.
This strategic partnership between Samsung and PayPal will benefit customers of both organizations mutually. PayPal users will now be able to use their PayPal wallet for offline payment transactions on millions of merchants, while Samsung Pay is currently accepted, while Samsung Pay customers can easily take advantage of PayPal’s Braintree property for online checkout.
It will be more beneficial for Samsun Pay user
Customers will be able to access their PayPal wallet and use their Samsung wallet, so that they have to pay in millions of stores. Users only add their PayPal account to Samsung Pay, and then spend the remaining amount, where Samsung is also accepted. In addition, users will continue to benefit from Samsung Pay’s unique value-added services, including gift cards, subscriptions and loyalty cards.
Simple, Secure and Almost Everywhere
In addition to helping reduce the friction across forms, traders and users will continue to benefit from the simple, safe and easy-to-use features of Samsung Pay:
- Simple: To pay with Samsung Pay, just swipe up from the Home button, scan fingerprint or verify with iris scanning and POS tap on the phone behind the machine.
- Secure: Samsung has been built with three levels of security-biometric authentication, card tokenization and Samsung’s comprehensive mobile security platform, Samsung Knox, which provides multi-level protection to the device from its kernel. If users lose their phones, then the feature lets users remotely lock Samsung from a preset password.
- Accepted Anywhere: Samsung Pays near Field Communications well as works with Samsung’s patented Magnetic Secure Transmission technology. By replicating magnetic waves to a standard card reader from a MST-supported Samsung device, it replicates a card swipe, allowing Samsung Pay to accept almost anywhere cards.
According to the partnership, when users on Samsung pay their own PayPal accounts in the Samsung Pay, they will be able to use PayPal in online and offline merchants. Using PayPal accounts, payments through Samsung Pay will start in the US in the beginning of this year and will expand in other countries in the future.