Nedbank, FNB, and Capitec customers still missing out on Samsung Pay

In August 2018, Samsung launched its mobile payment app in South Africa following a brief early access period.

Samsung Pay is a payment app which is available for selected Samsung Galaxy smartphones, allowing users to make card payments with their phone instead of their physical bank cards.

The platform leverages a pair of useful technologies to facilitate these transactions – NFC and MST.

Currently, however, Samsung Pay only supports Standard Bank and Absa bank cards, leaving FNB, Nedbank, and Capitec customers to resort to other mobile payment apps or their cards.

Support for more banks

Speaking with MyBroadband, Samsung SA chief marketing officer Justin Hume previously said the company was working with more local banks to add support for the payment app.

“There are definitely plans to include support for other banks. There are a number of banks that are in the development phase,” Hume said.

“Standard Bank and Absa were the first two who really saw the potential in Samsung Pay all those months and years ago,” he said.

Samsung has also implemented loyalty card support, with an ever-expanding range of supported loyalty cards which can be easily loaded into the app.

The company stated it is still working other banks, but did not provide further information.

“We can confirm that we are working with multiple other banks, but unfortunately we cannot disclose the launch dates for these banks,” said Samsung.

FNB in discussions with Samsung

Speaking in an interview with MyBroadband this morning, however, FNB Retail CEO Raj Makanjee confirmed the bank was discussing the implementation of Samsung Pay.

“We are currently talking with Samsung about how we can enable their ecosystem,” Makanjee said.

“When it comes to enabling Samsung Pay in the broader payments ecosystem using their MST technology, we are just evaluating the benefits of that versus the trade-off and risk, especially given the significant adoption of EMV and other technologies in South Africa.”

The bank has also seen improved adoption of its FNB Pay mobile app, which works on an NFC-based platform.

“Within our Android ecosystem, we have attained good adoption and it is growing,” Makanjee said.

“Certainly, as more contactless infrastructure comes to South Africa, enabling the ability to tap and pay, we will see even further rapid adoption.”

Now read: Bank Zero starts trial run in South Africa

Latest news

Partner Content

Show comments

Recommended

Share this article
Nedbank, FNB, and Capitec customers still missing out on Samsung Pay