topic Re: Samsung pay in Personal Finance

Samsung pay

Anonymous — Fri, 23 Oct 2015 17:04:41 GMT

For those keeping score of Apple vs Android vs Samsung. Today I was able to use Samsung Pay for the first time at a non-NFC terminal (their key advantage). Only took about 5 times longer than using a cc, and the clerk asked me "What are you trying to do". So, not sure this counts as a great success, especially as I used a card that earns lower rewards, but hey, tech is fun!

Re: Samsung pay

Anonymous — Fri, 23 Oct 2015 19:23:33 GMT

Non-NFC? How does Samsung pay work then?

Re: Samsung pay

barthooper — Fri, 23 Oct 2015 19:32:52 GMT

I was originally bummed that I have an S4 and can't participate but after looking at the list of supported banks, I realize I don't have a card with any of them anyway.

Re: Samsung pay

KneelBeforeZod — Fri, 23 Oct 2015 19:33:12 GMT

Do tell....I'd like to know this as well...

Re: Samsung pay

Anonymous — Fri, 23 Oct 2015 19:37:26 GMT

It works by using something that works with the swipe area of a reader.

Re: Samsung pay

joshkm — Fri, 23 Oct 2015 19:40:21 GMT

It's compatible with most magnetic strip terminals which is good because a lot of places still don't have NFC. You just hold the phone up to it. I haven't tried it yet. I'm not really sure what I think about the whole paying with your phone business. I'm so used to swiping that it would seem strange to pull out my phone.

It's supposed to be very secure, but a temporary card number is generated during the transaction from what I've read on it. I wonder about issues with certain rewards cards that have specific rewards categories and whether there are issues with getting points or not?

They're are a ton of videos on Youtube of people using it and for the most part it seems to work great. I should try it one of these days.

Re: Samsung pay

KneelBeforeZod — Fri, 23 Oct 2015 19:44:24 GMT

I have to admit as an Apple user, this totally beats the hell out of Apple Pay. Good job Samsung...

Re: Samsung pay

Anonymous — Fri, 23 Oct 2015 19:49:06 GMT

If Apple Pay doesn't copy Samsung I might move to Samsung after the Discover 10% Bonus is done.

Apple Pay is amazing, and I love the extra security... I'd love to be able to use my phone to pay!

Re: Samsung pay

joshkm — Fri, 23 Oct 2015 19:50:53 GMT

@barthooper wrote:
I was originally bummed that I have an S4 and can't participate but after looking at the list of supported banks, I realize I don't have a card with any of them anyway.

That's the other big problem I see is some banks not being on board yet. I use my Sallie Mae a lot and I'm not losing out on points just to be hip and cool paying with my phone. Hopefully in the future everybody will get on board.

I had the S4 in white and it was a great phone. I lost mine a couple months back and had to get a gold S6. I'm a Samsung fan when it comes to their phones!

Re: Samsung pay

barthooper — Fri, 23 Oct 2015 20:03:18 GMT

@joshkm wrote:
@barthooper wrote:
I was originally bummed that I have an S4 and can't participate but after looking at the list of supported banks, I realize I don't have a card with any of them anyway.
That's the other big problem I see is some banks not being on board yet. I use my Sallie Mae a lot and I'm not losing out on points just to be hip and cool paying with my phone. Hopefully in the future everybody will get on board.

I had the S4 in white and it was a great phone. I lost mine a couple months back and had to get a gold S6. I'm a Samsung fan when it comes to their phones!

Completely agree, cash is king. I'd also only use a card in a non-category dependent situation as well because I'd hate to use Sallie as usual for groceries but not get my 5% because the MCC didn't get reported correctly.

Re: Samsung pay

joshkm — Fri, 23 Oct 2015 20:23:09 GMT

This was a good video of someone using it at different places. We live in an Apple world of the iPhone, but it'd be nice to see Samsung get more banks and cards supported with this.

https://www.youtube.com/watch?v=AgFU65V5POE

Re: Samsung pay

Anonymous — Fri, 23 Oct 2015 21:38:44 GMT

Samsung Pay has the potential to become #1 in the US (the amount of resistance towards NFC here is insane) BUT they need to work on bank support.

Re: Samsung pay

Anonymous — Fri, 23 Oct 2015 21:52:54 GMT

@Anonymous wrote:
Samsung Pay has the potential to become #1 in the US (the amount of resistance towards NFC here is insane) BUT they need to work on bank support.

and phone support, currently only works on 4 models because of hardware requirements.

Re: Samsung pay

Anonymous — Fri, 23 Oct 2015 21:56:10 GMT

Won't they have problems when some merchants force EMV?

Re: Samsung pay

Anonymous — Fri, 23 Oct 2015 21:59:11 GMT

@Anonymous wrote:
Won't they have problems when some merchants force EMV?

The agreements they made with banks basically lets them transmit a card that looks like a card without a chip. That's why it has the potential to be much bigger than NFC only solutions.

Re: Samsung pay

Anonymous — Fri, 23 Oct 2015 21:59:54 GMT

@Anonymous wrote:
@Anonymous wrote:
Samsung Pay has the potential to become #1 in the US (the amount of resistance towards NFC here is insane) BUT they need to work on bank support.
and phone support, currently only works on 4 models because of hardware requirements.

I wouldn't really call that a downside. Google should probably have bought LoopPay when they had the chance, though.

Re: Samsung pay

OmarGB9 — Fri, 23 Oct 2015 22:16:34 GMT

Finally got it on my phone, no thanks to Verizon's lack of support at launch lol. Downloaded it and set everything up yesterday. Now I need to just test it out and see how well it works. Sucks I only have one compatible card though. Lol.

Re: Samsung pay

Anonymous — Fri, 23 Oct 2015 22:34:49 GMT

I keep opening these threads in the hopes of seeing something like..."Discover is now offering 10% off with Samsung pay," but alas...

Re: Samsung pay

UncleB — Fri, 23 Oct 2015 22:44:47 GMT

@Anonymous wrote:
I keep opening these threads in the hopes of seeing something like..."Discover is now offering 10% off with Samsung pay," but alas...

I agree that the tech is 'cool' and all, but honestly it seems like quite a bit of effort just to do something I'm already proficient at doing with my cards... plus, I don't have to be concerned with 'educating' cashiers each time I use a card.

HOWEVER... if there was a financial incentive to using it, I would definitely be more inclined to make the extra effort it requires...

Re: Samsung pay

Anonymous — Fri, 23 Oct 2015 22:59:20 GMT

It is a little slower than swiping my card, but I have to admit, Samsung Pay is really fun and works very well. I only have 4 cards though that are compatible with Samsung Pay (Double Cash, US Bank Cash+, and both my BBR cards), but when I have the opportunity to use it (that is to say, when one of those 4 cards is the best one for me to use), I do. It's worked every time!