Online payments major PayPal has inked a deal with Samsung Pay to expand its presence in offline stores. For now, this feature is available only to users in the US, said PayPal in a statement. The PayPal payment option will appear within the Samsung Pay app and will be supported by Samsung’s Galaxy S8 and S8+ devices. Incidentally, Samsung Pay had been touted as PayPal rival when it launched in 2015. Also Read - How to make UPI payments via QR code using your Samsung phoneAlso Read - e-RUPI: PM Modi announces to launch a new digital payments platform today
This partnership comes a few months after PayPal announced a similar deal with Google’s Android Pay, and only a week after it extended its payments interface to the Apple App Store. PayPal has also ensured that merchants benefit from this collaboration. Through Braintree Direct (PayPal’s own merchant-side payments solution), they will be able to accept Samsung Pay as a method of payment in-app and online. Also Read - Samsung Galaxy S21 series lacks Samsung Pay's MST and its end of a cool feature
“This partnership will allow our mutual customers to pay across even more mobile contexts, as consumers increasingly turn to their phones to manage and move their money… Consumers can swipe or tap a credit card, as Samsung Pay works in almost any in-store POS location in the US,” Bill Ready, EVP & COO, PayPal, stated. ALSO READ: PayPal seeks license for mobile wallet in India: Report
The payments industry is growing swiftly across the globe. In 2016 alone, PayPal processed $102 billion in mobile payment volume and 2 billion mobile payment transactions. However, Apple Pay is growing faster than PayPal in the US. A recent survey by Boston Retail Partners revealed that Apple Pay was accepted by 36 percent of US merchants, compared to PayPal’s 34 percent and Samsung Pay’s 18 percent. Apple grew from 16 percent 36 percent within a year. Overall, mobile payments got a bump as more customers are embracing the new technology.