Samsung, PayPal ink strategic partnership

Samsung, PayPal ink strategic partnership

Mobile wallet Mobikwik has announced its association with Samsung Pay, through which the wallet is integrated with Samsung Pay Mini to enable one-tap payments at merchants using Mobikwik.

The move will allow Samsung's mobile payment platform Samsung Pay to be linked to PayPal accounts, which paves the way for Samsung to expand its consumer base, according to Samsung. As the company said today, it processed $102 billion in mobile payment volume and two billion mobile payment transactions past year. Apple Pay comes in second at 4%, and Android Pay comes last at 1.1%.

Samsung said it would begin the Samsung Pay service using PayPal first in the U.S. before gradually expanding it to other global markets. Since Samsung's mobile payments service has MST and NFC support, it can work with nearly all card terminals in supported markets.

Samsung has forged a strategic partnership with players in 18 markets including the USA and Brazil over its mobile payment platform.

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According to a Boston Retail Partners survey on mobile payments released earlier this year, Apple Pay now has the largest percentage of supporting us merchants, with 36 percent accepting the technology, up from 16 percent the year before.

PayPal and Samsung have had a strong partnership for several years now.

"At PayPal, we are focused on creating the best mobile commerce experiences for our customers, and partnering with technology leaders, like Samsung, to create experiences that our millions of joint customers love and can utilize no matter where they shop", said PayPal COO Bill Ready. At PayPal, we've seen - and helped enable - a major shift to mobile. For instance, PayPal and Samsung worked together on mobile payments back in 2014, and was added as a payment method in Samsung smart TVs the following year.

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