Five years of Samsung Pay, innovative SoFi solution coming soon

In 2015, Samsung rolled out Samsung Pay and it has set the standard for mobile payments since then. After five years of innovation, Samsung is committed to continuous evolution in its mobile-first money management platform.
Written by Matthew Miller, Contributing Writer

Five years ago I discussed my experiences of using MST with Samsung Pay on a Galaxy Note 5. Samsung's MST support was provided when many terminals didn't yet support NFC and it set the stage for mobile payment innovation.

We have seen Samsung Pay integrate membership and loyalty cards, expand around the world, and even integrate transit card support. I've used it on various watches and Samsung phones with Bixby control speeding up the process.

Also: Using Samsung Pay in the USA: Magnetic secure transmission removes merchant barriers

Samsung's support for magnetic secure transmission (MST) technology is still fairly unique, although LG Pay now has MST support as well. You can earn Samsung Rewards with Samsung Pay with each transaction. Cashback services are also supported so you can get some money back when you use Samsung Pay.

Since the beginning, Samsung has had broad support for banks and is accepted just about everywhere. It's fun to use it in places people say it won't work and during this time of coronavirus it makes sense to use mobile payment solutions everywhere. Billions of transactions have taken place with Samsung Pay and it should continue for years.

In the next few weeks, Samsung and its partner, SoFi, will introduce a new Samsung Pay experience with an innovative debit card backed by a cash management account. Given how much I use Samsung Pay, it will be interesting to learn more about the details of this upcoming program.

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