Having the right device is one of the clear limitations of using mobile payments, but the right bank is crucial, too. And with Samsung’s latest move, it may be helping to solve that last one.
We’re living in a post-cash world, sped up by the likes of the coronavirus and how touching cash and coins is just a little more icky these days than it ever has been, but that doesn’t mean everyone has signed on.
Sure, you can use your card to tap and pay, but it’s not quite as simple as your phone, which is something we all carry with us, but that not everyone uses to pay with yet. Between differences in devices and supported banks, it may not be easy for the average person to make the switch.
Solving the device dilemma is pretty easy, and these days, phones from the $300 price point and higher typically arrive with mobile payment support. If your mobile doesn’t come with it, you can always upgrade to a wearable such as a smart band or smartwatch to let you track your health and activities, and possibly pay for things, too.
But you still need the support from your bank, and with different payment services out there, that can get interesting.
For instance, if you have an Android phone with NFC, you just need Google Pay supported by a bank, lender, or credit card company. If you have a Fitbit, you’re looking for Fitbit Pay, while Garmin owners are looking for Garmin Pay.
And if you have a Samsung phone or wearable, you might be looking for Samsung Pay.
We say “might” because Samsung phones run Android, and so they’ll also handle Google Pay alongside Samsung Pay — it’s not just one or the other like on Android phones made by other companies, or on phones made by Apple. An option for both Google Pay and Samsung Pay is something that’s distinct to Samsung phones, while Samsung wearables typically stick to Samsung Pay.
Samsung Pay can have different features to Google Pay, though, with some devices supporting Magnetic Stripe Technology (MST), a unique feature specific to Samsung devices that allows mobiles to use the same black stripe on the back of a card without needing the card to make it happen.
You’ll still need to bank or have credit services that support Samsung Pay, however, though there’s more of that this week, as the maker of the Galaxy devices announces a partnership with Eftpos to bring Samsung Pay to more devices. It means owners of Samsung phones and wearables will be able to choose between Visa debit or Eftpos when the latter is supported by their bank.
At present in Australia, that’s something Heritage Bank will offer, though it’s the first to do so, and Australians could see more later on.
“Eftpos cardholders will embrace Samsung Pay for everyday payments, as we are already experiencing on average 20 percent growth month on month across eftpos mobile transactions,” said Stephen Benton, CEO of Eftpos.
“With Australians showing a greater preference for contactless payments during the COVID-19 pandemic alongside the launch of Samsung Pay for our Eftpos cardholders, we don’t expect this trend to slow down anytime soon,” he said.
The rollout means more Australian banks will have the option to support Eftpos over Samsung Pay, which could provide extended banking services to Australians not just with Samsung phones, but with wearables, since these can be used with phones that lack mobile payment support.
However you’ll need to check whether your bank supports it, so if you’re hopeful that Eftpos can work with a recent Galaxy phone like the S20+ or the Note 20 Ultra, or even maybe one of the recent Galaxy watch models possibly in your life, consider having a chat to your bank about if and when it plans to arrive.
