eWallets—also known as mobile wallets and digital wallets—are on the rise around the world. eWallets are riding a wave of popularity based on the security and convenience of smartphones to pay anywhere. Today we look at one of the popular digital wallets: Samsung Pay.
eWallets are payment apps that allow consumers to make purchases in an instant, both online and in-store. eWallets safely store credit card data; plastic cards are essentially loaded to a smartphone app and require biometrics to use the card. eWallets can also securely store debit cards, rewards card data and other personal data that makes online transactions safer and easier.
Samsung Pay is a popular digital wallet, along with the likes of Apple Pay and Google Pay. Introduced in 2015, Samsung Pay is available on Samsung’s flagship Galaxy lines of smartphones.
Why the rise of mobile POS payments?
found that 16% of global point of sale spend was made with mobile wallets in 2018, and that figure is expected to increase to 28% by 2022. eWallet use online was even higher. Online eWallet payments were the leading payment choice globally with 36% of consumers in 2018.
In our mobile-first world, the growing popularity of mobile payments makes a lot of sense. Today, mobile payments are safe, convenient and fast. A smartphone is the one thing you can usually count on your customers having with them virtually at all times, either within easy reach or even already in their hands.
How Samsung Pay benefits businesses
Samsung Pay is distinguished both by cutting edge technology as well as backward compatibility that makes acceptance easy for everyone. Apple Pay, Google Pay and Samsung Pay are all digital wallets that use NFC, which stands for near-field communications. NFC makes secure data transmission from a mobile device to a point of sale (POS) system possible. Today the vast majority of chip-card enabled point of sale systems have built-in NFC technology.
Samsung Pay sets itself apart by also using MST, or magnetic secure transmission. MST utilizes the magnetic stripe of older POS systems for secure data transmission. For businesses that have yet to upgrade their credit card acceptance equipment to an EMV-enabled chip card device, you can likely still accept Samsung Pay today.
Digital wallets allow customers to store reward cards in-app, just like credit card information. Samsung Pay goes a step further by offering for qualifying Samsung Pay purchases. Not only do customers receive rewards from their favorite stores, they also receive extra incentives to use Samsung Pay at checkout.
Why eWallets are essential to your payment mix
Satisfying your customers is job number one. Today that means accepting payments in the ways they want to pay, whether in-store, online or on-the-go. Adding Samsung Pay and other eWallets to your payment acceptance mix will help keep you—and your customers—happy with safe, secure and convenient payments.
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