Samsung Pay to expand service with more Canadian banks and support Interac

Aug 31, 2017

Samsung wants its mobile payments service- Samsung Pay to become a mainstream method of payment in the future and so the company has been tying up with a lot of banks and financial firms ever since the launch of the service in most of its market. While Canada is among one of Samsung's prime market for its electronics business, the developments in expanding Samsung Pay in the country has been very slow. Samsung Pay rolled out in Canada in late 2016 but since then the service has been only compatible with CIBC Visa Cards and even that is currently in beta.

Meanwhile, Samsung Pay's major competition- Android Pay and Apple Pay have outgrown their service in comparison to Samsung Pay by partnering with a number of banks and financial institutions in Canada. Taking notice of its competition's advancements, Samsung are now in talks of expanding Samsung Pay in Canada and are currently looking to partner with Interac-a Canadian nonprofit interbank network that links financial institutions and other enterprises. Samsung Pay will also be made compatible with a number of Canadian banks by early September according to a few sources.

Meanwhile, Samsung has added one more Samsung Pay compatible device which also happens to run Tizen. We are talking about the Samsung Gear Sport which was launched at IFA 2017. The wearable supports NFC based payments via Samsung Pay. As more devices get added to the Samsung Pay compatible service, there sure will be a lot consumers whom Samsung hopes will use the payment service in order to accomplish its mission.

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