We are awarding $750 to a student every semester. All you have to do is show us how financial literacy has made a difference in your life.
In this day and age, cell phones are practically an extension of our hands. Because cell phones have become such a handy tool in our daily lives, it’s only natural that we would incorporate our wallets into our phones too. Samsung Pay is one of the applications available that allows individuals to use their phone to pay with debit, credit, loyalty cards, and even gift cards. To learn more about how Samsung Pay works, continue reading below.
What Is Samsung Pay?
Samsung Pay is an application that allows you to use a virtual wallet on your phone to make purchases. Payment is accepted through Samsung Pay at nearly every store that has a POS terminal in Canada. By using Samsung Pay, you don’t need to bring cash or your physical wallet with you when you shop.
Everything you need to know about Apple Pay.
How Does It Work?
Near Field Communication (NFC) and Magnetic Secure Transmission (MST) are the technologies that make mobile wallets possible. NFC is the technology that allows customers to “tap-to-pay”. MST is an older technology that required the customer to swipe a card with a magnetic strip.
In order to complete a transaction using Samsung Pay, the vendor must have a POS terminal and the customer must have cards available in their mobile wallet. Samsung Pay also works in apps on your phones which means you can make online purchases without having to grab your physical cards.
What Are The Benefits Of Samsung Pay?
Samsung Pay has become increasingly popular due to its convenience and simplicity. In fact, it actually stands out as a virtual wallet application compared to its competitors. Below are the benefits of using Samsung Pay.
- Wallet and Cash Not Needed. With a virtual wallet, there is no longer a need to carry your wallet or cash when you shop, so long as you have your phone.
- Widely Accepted. Samsung Pay works on older magnetic stripe terminals, not solely tap-and-go machines, unlike Apple Pay and Google Pay.
- Purchase In-Store and In-App. You can use Samsung Pay in stores and in apps when online shopping.
Which Devices Is Samsung Pay Compatible With?
Generally speaking, Samsung Pay should work with all of Samsung’s recently released devices. Samsung Pay works with the following devices, so long as you have an applicable credit, debit, loyalty card, or gift card available in your virtual wallet.
- Galaxy Z Flip
- Galaxy Fold
- Galaxy S20 Series 5G
- Galaxy S10 Series
- Galaxy S9 & S9+
- Galaxy S8 & S8+
- Galaxy S7 & S7 Edge
- Galaxy S6, S6 Edge & S6 Edge+
- Galaxy Note10 & Note10+
- Galaxy Note9
- Galaxy Note8
- Galaxy Note5
- Galaxy A71 & A51
- Galaxy A50
- Galaxy A8
- Galaxy A5
- Galaxy Watch Active 2
- Galaxy Watch Active
- Galaxy Watch
- Gear S3 Frontier & Classic
- Gear Sport
Setting Up Samsung Pay
Samsung Pay works on Samsung mobile devices and watches. To set up Samsung Pay, you’ll first need to download the application, then follow the steps below.
- Make sure you’re signed in to your Samsung account
- If you don’t have a fingerprint, iris scan or PIN set up, the app will prompt you to set up one of the options for security reasons.
- Add credit, debit, gift card, loyalty cards and/or PayPal accounts to your wallet. You can either scan the card or enter the information manually.
- Wait for Samsung Pay to verify credit or debit cards with your bank via text, email or phone call. You will get to choose which way you want to verify the card with your bank.
- Repeat the process to add more cards. You can add up to 10 cards in your Samsung Pay wallet.
Which Banks Support Samsung Pay?
Samsung Pay is a popular and widely accepted mobile payment service. However, its acceptability relies on the support of banks and credit card providers. Samsung Pay is accepted by the following banks in Canada:
- Royal Bank of Canada (RBC)
- Canadian Imperial Bank of Commerce (CIBC)
- American Express
- Simplii Financial
If your bank isn’t listed above, you can view a complete list of banks that support Samsung Pay on Samsung’s website. Keep in mind that not all cards from the listed banks will work with Samsung Pay as there are rare exceptions. In addition, Samsung Pay may not always work with old POS machines, only the new POS machines, depending on the card type and provider.
How Safe Is Samsung Pay?
Samsung Pay does not save account or card information onto the physical device. Instead, tokenization is used for each transaction. When a purchase is made, the technology sends two pieces of information to the payment terminal. The first piece of data is a 16 digit token that contains the card number and the second piece of data is a one time code generated by the phone’s encryption key.
Furthermore, payments cannot be completed through Samsung Pay unless it is authorized via fingerprint, iris scan, or PIN. Samsung offers an additional benefit through their Find My Mobile service which allows phone holders to remotely delete information on the device, including Samsung Pay information, in the event that the phone is lost or stolen.
These processes are extremely secure and ensure that someone couldn’t access your banking information, even if an interested individual gained access to your physical mobile device.
Are you susceptible to debit card fraud?
The Convenience Of Samsung Pay
Apps like Samsung Pay have made paying easier than ever before. While this makes our lives more convenient, it can make overspending easy as well. Even though you have this technology at your disposal, it’s still important to monitor your spending and make sure you’re working toward implementing healthy financial habits into your daily life/
Rating of 5/5 based on 3 votes.
Largest Lender Network In Canada
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
50 Free Trades Offer
Almost $500 in commission-free trades. Code “50TRADESFREE”. Conditions apply.
Borrow Today, Don’t Pay Till July
Borrow $500-$50,000 from Fairstone by May 31 and don’t pay until July.
Build Credit With Refresh
Build credit while spending money with the Refresh Financial VISA card.
Check out our interview with addy; a platform that allows Canadians to invest in different properties across Canada with as little as $1.