You’ve probably made at least one online transaction in your life. It’s more likely that you’ve made tons of them very recently. Money is increasingly become a digital currency. We all hear about the instability and uncertainty of Bitcoin and how we can not be trusted with shifting our economy to totally the digital plane (courtesy the Bitfinex Bitcoin hack this year) but services like Apple Pay and Google Wallet are becoming ubiquitous. Samsung Pay is the youngest of these services, having been around for only a year and already it’s gained a sizable user base. It’s mostly due to their incredible variety of smartphones and their flagship Note and Galaxy S series. Samsung Pay just celebrated its first anniversary and so it rolled out some updates to celebrate.
The main two functions added are a restore function and compatibility with coupons. Samsung Pay is now compatible with a wide range of coupons and retailers and also redeems and searches for them online. As for the restore function, it basically spells it out for you. Everything saved on Samsung Pay is stored in the cloud and hence all the redeemable or redeemed gift cards or coupons you have on your device can be accessed anywhere else. This will help users save time on setting up Pay on a new device.
But Samsung didn’t stop there. It collected a $100,000 prize pool to giveaway via a lucky draw. All you have to do is go on twitter and write a birthday message to Samsung Pay and use the hashtag, #SamsungPay and #sweepstakes. The prize pool includes 365 Samsung Galaxy Gear 2 smartwatches. The Samsung Pay application on the Gear S2 uses NFC at NFC enabled terminals to pay your bills.
It’s all thanks to Samsung Cloud Integration. Samsung Pay is now compatible with over 500 banks and credit unions, hundreds of gift cards and coupons and with four fifths of the credit and debit card market in the US.
Samsung has had a really bad year. The Note 7 fiasco hit them hard and not only did that spend a billion dollars on the recall of 2.5 million phones but they lost billions in value when this happened. The tragedy was so great that for the first time in my lifetime, people were making jokes about the Note 7 more than they were about the iPhone 7. However, when the recall program happened, 90% of the people that brought in their phone to get it fixed stuck with it. Note 7 users are loyal has heck and perhaps this Samsung Pay opportunity arrived just in time to reward their loyalty.