Samsung has teamed up with independent payment solution provider Cuscal to bring its smartphone-driven payment solution - Samsung Pay - to 38 new financial institutions. These institutions have 1.7 million cardholders between them.
The 38 new banks and credit unions now supporting Samsung Pay are as follows:
Australian Unity, Bank Australia, Bank of Sydney, Beyond Bank Australia, Big Sky Building Society, Catalyst Money, Central Coast Credit Union, Central Murray Credit Union, Community First Credit Union, Credit Union SA, CUA, Customs Bank, Defence Bank, Firefighters Mutual Bank, First Option Credit Union, Holiday Coast Credit Union, Horizon Credit Union, Illawarra Credit Union, Intech Bank, MyState, Nexus Mutual, Northern Beaches Credit Union, P&N Bank, People's Choice Credit Union, Police Bank, QT Mutual Bank, Queenslanders Credit Union, Reliance Bank, SCU, Select ENCOMPASS Credit Union, South West Slopes Credit Union, Teachers Mutual Bank, The Mac, The Rock, UniBank, Unity Bank, WAW Credit Union Co-Operative, and Woolworths Employees' Credit Union Limited
Citibank, Westpac, and American Express are the other financial institutions with Samsung Pay compatible cards.
Samsung Pay is compatible with the newly launched Galaxy S8 and Galaxy S8+, as well as with the S7, S7 Edge, A5 (2017), A7, (2017), S6, S6 Edge, S6 Edge+, and the Note 5. Gear S2 and Gear S3 smartwatches are also Samsung Pay enabled.
Samsung Pay differs from other mobile payment solutions in that it can emulate Magnetic Strip Transmission, or MST, which is the protocol used by legacy card readers that don't support contactless payments (although the S6 and S6 Edge don't support MST payments). And of course, you're still able to make NFC payments with it.
As with Apple Pay and Android Pay, Samsung Pay offers tokenised transactions. Rather than sharing card data with a merchant, Samsung Pay creates a one-time account number for each payment a user makes.