Samsung Pay to Launch in Singapore Tomorrow
Samsung Pay will be making its debut in Southeast Asia when it launches in Singapore on June 16th. This will be the fifth country to feature the mobile wallet, which is currently live in the United States, South Korea, China, and most recently Spain.
The Singapore version of Samsung’s mobile wallet will be compatible with Visa, MasterCard, and American Express, along with cards from several major banks such as Citibank, OCBC, and DBS. Android Pay and Apple Pay are already available in Singapore, but they do not support as many banks as Samsung Pay. In fact, when Apple Pay debuted in Singapore, it only worked with American Express, and still doesn’t support big names like Citibank.
Another advantage Samsung Pay has over its competitors is that it can work with any payment terminal, not just contactless ones. The mobile wallet uses special programming to mimic the swipe of a traditional magnetic strip card so merchants do not have to upgrade their payment terminals to accept Samsung Pay. This versatility, combined with Samsung’s expansive banking partnerships, may be strong enough to help Samsung Pay become the leading mobile wallet in the Southeast Asian market.
Samsung Pay is currently only available on select Samsung smartphones, but the company indicated they may be exploring partnerships with other phone providers in Singapore in the near future.