Samsung Electronics said Monday it signed a partnership agreement with the United States payment service provider PayPal to collaborate for the mobile payment service Samsung Pay. "By adding PayPal to Samsung Pay, we will combine Samsung's ubiquitous payment solution with PayPal's seamless and secure mobile wallet - delivering easy access to a simple, secure payment experience".
The news comes three months after Google's Android Pay service added support for PayPal, while last week Apple revealed that you could now pay for digital goods through Apple's own stores using PayPal - but it stopped short of supporting PayPal payments through Apple Pay itself. So as long as a company is using Braintree, it will be a seamless move to accept Samsung Pay payments from people with modern Samsung phones using their app or website.
The partnership method is also key to Samsung's strategy with Samsung Pay. At PayPal, we've seen - and helped enable - a major shift to mobile.
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"We will continue forging new collaborations with leaders across the tech and financial worlds to expand the reach of our products, explore new contexts, increase conversions for our merchants, create better mobile experiences and give our consumers the flexibility, security and speed that digital payments can offer", said said PayPal COO Bill Ready, in a blog post. In April, PayPal announced a deal with Android Pay that's almost identical to the one it just made with Samsung. "This partnership furthers our commitment to providing customers with a more convenient payment experience that is simple, secure and available nearly anywhere". For offline payments, they can swipe up from the bottom of their phone screens to select either a registered card or PayPal. Now consumers will be able to make payments easily on Samsung's budget and mid-range phones.
Accepted Almost Anywhere: Samsung Pay works with Near Field Communication (NFC) as well as with Samsung's patented Magnetic Secure Transmission (MST) technology.