Samsung Pay is rapidly expanding in markets where it has been launched while still being unveiled in new regions. Presently, the service has some sort of expansion in Russia as holders of Russia's Ural Bank's Visa credit cards have now joined the list of supported cardholders. With this new development, cardholders will now be able to make safe and convenient payments using compatible Samsung smartphones.
Samsung Pay was first introduced in Russia in September 2016 and it incorporates both Near Field Communication (NFC) and MST (Magnetic Secure Transmission) technologies. This has made the service compatible with a wide range of point of purchases since owners can use both the contactless NFC technology and magnetic strip technology which most of the cards use. The service is now available to cardholders of a good number of banks and financial institutions in Russia such as PJSC AK BARS Bank, Alfa-Bank, Binbank, VTB24, Gazprombank, Devon-Credit Bank, MTS and MTS Bank, Bank Otkrytie, Promsvyazbank , Raiffeisenbank, Roketbank, RosEvroBank, JSC Rosselkhozbank, Russian Standard Bank, Bank Saint Petersburg, Sberbank, Tinkoff Bank, Point and Yandex and now, Ural Bank.
Ural Bank for Reconstruction and Development (UBRD) is joining with a rich customer base gathered from years of delivering quality services. The bank was incorporated in September 1990 as a regional bank for the development of business services, providing services to both corporate and retail customers and it is listed among the Top 30 Russian banks by the Central Bank of Russia.
On its part, Samsung Pay is supported on the Galaxy Galaxy S8, Galaxy S8 +, Galaxy S7 Edge, Galaxy S7, Galaxy S6 Edge +. Others include the Galaxy S6, S6 Edge (NFC only), Galaxy Note 5, Galaxy A7 (2017), A5 (2017), A3 (2017), Galaxy A7 (2016), A5 (2016), Galaxy J7 (2017) and Galaxy J5 (2017). Samsung Pay is also available on the Tizen running Samsung Gear S3 classic and Gear S3 Frontier since April this year. The Smart watches don't only support contactless payment but can also be used where contactless cards are not supported. Apart from fees that may be charged by partner banks where available, Samsung doesn't charge anything for the use of the Samsung Pay payment platform.