Samsung continues to expand the footprint for their Samsung Pay mobile payments platform with the announcement today that they are entering the European market by making the service available in Spain. This follows successful deployment of the service in South Korea, the United States, and in China. Besides representing Samsung’s initial foothold in the European market, Samsung Pay is also the first mobile payment service from any provider available in Spain.
If there is a down side to Samsung’s announcement of Samsung Pay coming to Spain it is that the magnetic strip compatibility will not be available for users in that country. Instead, they will have to rely on NFC-based contactless payment solutions.
According to Victor Kim, Samsung Pay’s Global Director,
“Our goal with Samsung Pay is to drive and lead innovation in mobile commerce, giving consumers a safer, smarter and better mobile wallet. Samsung operates an open model of partnership and collaboration to deliver the best possible customer experience. With Samsung Pay, we’re confident that we’re providing Spanish customers with the mobile payments service they’re looking for.”
Along with major global partners like American Express and Mastercard, customers of CaixaBank and imaginBank in Spain will be able to connect their debit or credit cards issued by those banks to their Samsung Pay app. CaixaBank and imaginBank are the first Spanish banks to benefit from Samsung Pay and will be ready with the launch of the service. Following the initial launch, Samsung Pay already has plans to add Abanca and Banco Sabadell in the near future.
Along with a long list of stores and businesses that will support Samsung Pay, El Corte Inglés has indicated they will issue private cards in Spain so their customers can use Samsung Pay, making them the first private card issuer in the country.