That equates to around 10 million users and the deal is with Cuscal, a payments solution provider that provides pre-paid, credit and debit cards and is part of Australia’s New Payments Platform.
Samsung Pay has trailed Apple Pay, but this latest deal brings it to parity, with payments from more than 40 institutions including Credit Union Australia and Australian Unity.
Samsung is in negotiations with many major finance institutions after demonstrating that the demand is there from its users. It previously only supported cards issued by Westpac, Citibank, and American Express.
Samsung Australia mobile division vice-president Richard Fink said, “Through Samsung Pay’s partnership with Cuscal we are providing millions of Australians a convenient and safe payment option. Every partner we bring onboard, whether it be a financial institution or retail brand through our Samsung Pay loyalty functionality, brings us a step closer to helping customers replace their wallets with their Samsung smartphone or smartwatch.”
Cuscal’s 38 financial institutions now available on Samsung Pay are:
Australian Unity, Bank Australia, Bank of Sydney, Beyond Bank Australia, Big Sky Building Society, Catalyst Money, Central Coast Credit Union, Central Murray Credit Union, Community First Credit Union, Credit Union SA, CUA, Customs Bank, Defence Bank, Firefighters Mutual Bank, First Option Credit Union, Holiday Coast Credit Union, Horizon Credit Union, Illawarra Credit Union, Intech Bank, MyState, Nexus Mutual, Northern Beaches Credit Union, P&N Bank, People's Choice Credit Union, Police Bank, QT Mutual Bank, Queenslanders Credit Union, Reliance Bank, SCU, Select ENCOMPASS Credit Union, South West Slopes Credit Union, Teachers Mutual Bank, The Mac, The Rock, UniBank, Unity Bank, WAW Credit Union Co-Operative, Woolworths Employees' Credit Union Limited
Smartphone payment systems are not just for the convenience of users – the device makers like Apple, Samsung, and Google Wallet/Android Pay make a commission from all transactions – just as the issuing financial institution and various payment gateways do from swipe to debit to your account.
The quite achiever in Australia so far has been Android Pay that has secured ANZ, ING Direct, American Express, Macquarie, Bendigo and Beyond Bank and is heavily pushing its new Android Pay/Google Wallet API on to developers to implement easy payment from NFC and fingerprint-enabled smartphones – including Samsung’s Galaxy series.
Google’s strength here is in its vast data lake of customer information and the ability for developers to target complementary advertising to its users. It also has more vendors like Catch of the Day, Deliveroo, EatNow etc supporting the payment system.
All three will support their respective “watches” and store details of loyalty cards. However, only Samsung supports the MST (Magnetic Strip) payment system for older swipe machines. Initial feedback from all is that the main use is for “convenient” purchases like coffee or lunch.