1.7 million customers will be able to use Samsung Pay to make mobile payments on a contactless terminal with their Visa credit or debit card. 38 banks and credit unions will start accepting the mobile payment method, including Credit Union Australia (CUA), Teachers Mutual Bank, SCU, Peoples Choice Credit Union and Bank Australia.
Samsung Pay does not charge banks any fees per transaction and they can access the phones near-field communications (NFC) antenna. This means that customers can make contactless payments with their bank’s e-wallet using their Samsung phones.
In related news, Cuscal announced a deal with Apple in November 2016, allowing 31 of its customer-owned banking clients to provide contactless payments via iPhones.
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