Samsung Pay now has the four major banks – NAB, Westpac, ANZ and Commonwealth accepting Visa credit or debit card payments. All you need is a recent Galaxy/Note smartphone or Gear watch.
NAB joins 46 other financial institutions with its dual technology payment system. Depending on the device it can pay wave (tap using NFC) and Magnetic Secure Transaction (mag stripe). Some institutions also accept MasterCard.
“We’re thrilled to be able to provide the Samsung Pay experience to even more Australians. Our partnership with NAB builds on our commitment to providing a simple and secure digital wallet experience to every Australian using a Samsung smartphone or wearable” said Mark Hodgson, Head of Product and Services at Samsung Electronics Australia.
“Today’s announcement also represents an important milestone as we are now able to provide Samsung Pay to all major banking customers across the nation. We believe that our collaboration with partners like NAB will help further enhance our mobile experience for Australians and look forward evolving the portfolio further over the upcoming year.”
The announcement comes after the recent launch of the Galaxy S9 and S9+ smartphones. These have received positive reviews from technology experts and customers alike. In Australia, pre-sales results for the S9 and S9+ have broken previous Galaxy records.
“NAB is giving customers more choice when it comes to digital wallets,” said Angus Gilfillan, NAB Executive General Manager of Consumer Lending.
“In addition to our mobile banking app and NAB Pay, we are continuing to invest in giving our customers the best digital payments experience. We know our customers increasingly want to be able to pay for their purchases quickly and conveniently, and Samsung Pay is a safe and secure digital wallet that they can now use,” Mr Gilfillan said.
How to use Samsung Pay
Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones (from Note/J/S 5 and later) and Gear S2, S3 and Sport smartwatches.
Add your Visa card or loyalty card detail to the App.
Physical purchases in-store (not online) do not require an internet connection. The app tracks the last 20 purchases, and you receive push notifications of each transaction. They also show up on the bank’s credit card statement.
Security is great – your credit card number is not on the phone. When you make a payment only a one-off token, and a cryptogram go to the card reader.
In all other respects, it is the same as using a physical card. Banks must protect you from fraudulent transactions, credit returns, and there is no variation of the bank’s terms and conditions.
It works overseas, but at this time Samsung Pay does not work with ATMs. You can get cash out at most major food retailers or service stations.