Samsung Electronics’ mobile payment service called ‘SamsungPay’ is going to work with world’s biggest POS manufacturer called VeriFone. It seems that these two businesses will work together from manufacturing POS to actually installing SamsungPay system into POS system.
According to Samsung Electronics’ North American Corporate on the 21st, Samsung Electronics and VeriFone recently had a business agreement that includes co-development of payment system.
SamsungPay has NFC as well as MST technology, which does not require replacement of POS systems that are currently located at stores.
However there were times when payments made by SamsungPay did not work with certain POS systems. Samsung Electronics and VeriFone are first going to make sure that SamsungPay is working with most of major POS systems in the U.S.
It is heard that this agreement also includes information that says that installing SamsungPay system will be supported when a customer upgrades his or her current POS system.
“I expect synergy from our partnership with SamsungPay.” said Vice-President Vin D’agostino who is in charge of VeriFone’s business support. “Through our partnership, store merchants and regular customers will be able to use a payment service that is much faster and more convenient.”
According to a payment system research media called Pymnts.com, 80% of global POS system is owned by VeriFone from the U.S., and Ingenico from France. Verifone has the most shares by having 51.4% while Ingenico (17.4%) and Equinox are second and third place respectively.
Since SamsungPay was released, VeriFone has announced its desire to work with SamsungPay because SamsungPay can be used without having stores to replace their current POS systems.
It is heard that Samsung Electronics is also going to make partnerships with Ingenico and Equinox sequentially and work on co-developing payment systems. Starting with the U.S., Samsung Electronics is going to also work with other global businesses so that SamsungPay can be expanded worldwide.
“Our North American Corporate made a business agreement with VeriFone and is working on expanding SamsungPay business.” said a representative for Samsung Electronics’ Headquarters in South Korea. “We have decided not to enclose any detail information about this agreement.”