For those who are Chase Bank customers and have a mobile device that happens to be a high-end Samsung Galaxy phone, you don’t have to be torn anymore about whether to use your Chase Pay account or your Samsung Pay system. The two have decided to join forces and allow you to link the former to the latter so you just have one unified mobile payment system. This will be more convenient for Chase Pay holders as you will be able to tap Samsung Pay’s NFC (near-field communication) and MST (magnetic secure transmission) technology when it comes to mobile payments.
The distinct advantage of the Samsung Pay system is that it is the most widely accepted mobile payment product in the US, since it just requires a merchant to have a credit card terminal, which most of them do. If they have NFC as well, that’s already great but MST will do just as well. Chase cardholders will now be able to utilize this convenient way of paying as well, as long as they have an eligible credit or debit card with the bank.
For those who take rewards points pretty seriously, you will also be able to earn both the Samsung Rewards points and the Chase Ultimate Rewards points if you have them both. The latter also allows customers to pay with points if they already want to redeem their Chase rewards. Merchants can allow this redemption to happen now since there is no extra cost involved if they have either NFC or MST terminals.
If you’ve never used Samsung Pay before, it allows you to pay with your purchases just by tapping your compatible smartphone or smartwatch (that has the Samsung Pay app of course) to the terminal. You also earn points every time you use it with Samsung Rewards. You don’t have to bring your various cards anymore and some people don’t even bring cash when going outside as long as they have their smartphone.
This is actually the first time that Samsung has opened their MST technology to other apps aside from their own Samsung Pay. We hopefully might see more things like this in the future as OEMs still try to push mobile payments as an alternative to paying at both online and offline stores.
SOURCE: Samsung
