Samsung Pay is one of the most popular mobile payment solutions on the market. It is technologically superior to similar offerings out there since it works with almost every PoS terminal that can accept debit or credit cards. This is possible because, unlike other mobile payment services, Samsung Pay combines both NFC and patented Magnetic Secure Transmission (MST) technology to make it compatible with nearly all payment terminals in the market.
So far, only the Samsung Pay app could use the MST tech in select Galaxy smartphones for mobile payments. However, it is going to change soon as Samsung and JPMorgan Chase have inked a deal which allows the Chase Pay app to use Samsung Pay’s MST tech to make payments. Chase Pay users can link their account to Samsung Pay and start making MST-based payments through the Chase Pay app. Apart from increased convenience, the collaboration will substantially increase the number of PoS terminals where the Chase Pay app can be used.
More rewards points as well
The partnership doesn’t stop there. Samsung is going one step further by incentivizing Chase Pay users through higher rewards points. After linking with Samsung Pay, users can earn both the Chase Ultimate Rewards points and Samsung Reward points for transactions made through the Chase Pay app. Though the press release makes it sound like a new promotion, it appears customers who make payments through the Chase cards in the Samsung Pay app were already receiving this benefit.
Significantly higher terminal compatibility is the prime reason behind Samsung Pay’s success, and the company is now sharing that USP with Chase Pay app users. It is not yet known what Samsung is getting in return for making this concession to Chase Pay. It will also be interesting to see if Samsung enters into similar partnerships in other markets as well.
