Samsung Pay is a digital payment platform from Samsung. It allows the users to make payments using compatible phones. The company has been partnering with major Banks throughout the globe in order to increase the platform's acceptance.
Samsung has now added HSBC and the Hang Seng Bank to the list of Samsung Pay Partners. As of the 2nd of November 2017, both the banks will now support Samsung Pay with their Consumer's Credit Cards.
Hang Seng Bank is a Hong Kong-based banking and financial services company. It is Hong Kong's leading public companies in terms of market capitalization. It is also a part of the HSBC Group, which holds a majority equity interest in the bank.
Samsung Pay is supported by American Express, Mastercard, Visa, and eight other card issuers. The platform is supported by major banks around the world, including Bank of China, Citibank, Dah Sing Bank, DBS Bank, HSBC, Hang Seng Bank, Standard Chartered Bank and much more. Here is a list of all the cards supported by Samsung Pay.
Samsung Pay is a secure platform, where each transaction uses an encrypted digital token to replace a user’s personal payment information. The company uses the last four digits of the card for identification.
While using the Samsung Pay, the user needs to use the fingerprint sensor or the Iris Scanner or a 4-digit Samsung Pay PIN, for a greater Security.
Samsung Pay supports both the NFC and the MST. Magnetic Secure Transmission or MST is a technology that emits a magnetic signal that mimics the magnetic strip on a traditional payment card. Thus making the platform contactless.
The platform is now compatible with Samsung Smartphones and the Gear Smartwatches. After every Samsung Pay transaction through the Gear smartwatch, users can view their transaction record on Samsung Pay Plugin.
The compatible devices include the latest Note 8 and the Galaxy S8/S8+, the Gear S3, Gear Sport and the Gear Fit2 Pro. Samsung is said to include more devices in the future.