Samsung Pay

Samsung Pay is a quick, straightforward, and cost-effective deposit method with innovative features that seamlessly integrate with Samsung Wallet. Are you curious about where Samsung Pay can be used for deposits on crypto sites?

Launched by Samsung Electronics in South Korea in August 2015, this mobile payment and digital wallet service supports contactless payments using Near Field Communication (NFC). It also utilizes magnetic secure transmission (MST) technology in certain devices to enable payments at magnetic strip-only terminals. Start using this easy deposit option with just your Samsung device, completing deposits in a matter of seconds. The security of Samsung Pay is powered by Samsung Knox and ARM TrustZone technologies for tokenization, alongside biometric authentication. Samsung Pay for cryptocurrency deposits is supported by a wide range of trusted crypto exchanges and platforms, which can be found in the top list below.

Summary

The deposit method removes the need for merchants and payers to exchange bank or card details, offering a simple and secure payment option. This method enables stores to provide customers with the convenience of cashless payments. Crypto sites that support Samsung Pay, enabling instant transactions, recognize it as a reliable method for crypto deposits. The rapid transaction process allows customers to complete payments quickly. Businesses and developers benefit from offering a secure payment solution that works with online stores and Android apps. Samsung Pay consolidates multiple bank cards into a single card and digital wallet, making it easier to manage funds and make global payments. It uses NFC for mobile payments and supports magnetic strip-only terminals through Samsung Knox and ARM TrustZone technologies.

What is Samsung Pay?

Samsung Pay is a deposit method that allows users to make secure, quick, and easy payments in-store and online via their smartphones, without needing a physical debit or credit card. Available in several countries, it is a mobile payment and digital wallet service provider for contactless payments. Samsung Pay uses near-field communication (NFC) technology to transmit card details to a payment terminal when you tap and pay, eliminating the need for a physical card.

In addition, Samsung Pay supports card readers that don’t support contactless payment through Magnetic Secure Transmission technology. As a fast and secure deposit method, it ensures tokenization and comes with an appealing reward system. Samsung Pay also integrates with PayPal, expanding its global reach.

Samsung Pay Costs

Using Samsung Pay comes with no additional fees, except for data charges from using your mobile device. Some brokers and crypto sites that accept Samsung Pay may apply extra charges.

Transaction Speed for Samsung Pay

Samsung Pay supports instant transfers, making it a fast and reliable deposit method that has grown increasingly popular among users. However, withdrawal transactions may take longer, depending on the site or broker you use.

Samsung Pay Deposits

1. Select Samsung Pay from the deposit options list.
2. Enter the desired deposit amount and press GO.
3. Complete the transaction using a verification method, such as Face ID, Touch ID, or your mobile device’s PIN. This verification is only required the first time you use Samsung Pay with a specific website. Afterward, no further verification is needed.

Which Countries Use Samsung Pay?

Samsung Pay is available in numerous countries, including the United States, Australia, Brazil, Canada, China, France, Hong Kong, India, Italy, Germany, Malaysia, Mexico, Puerto Rico, Kuwait, Indonesia, Kazakhstan, Belarus, Russia, Singapore, South Korea, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, United Arab Emirates, United Kingdom, and Vietnam.

Can You Withdraw with Samsung Pay?

Withdrawals are possible if the ATM supports cardless transactions. Your linked debit card and the issuing bank must support withdrawals at ATMs using digital wallets to facilitate these withdrawals. Samsung Pay+ also supports withdrawals.

Reputation of Samsung Pay

Samsung Pay has built a strong reputation for offering instant, fast, and free transactions with merchants. Its support for crypto deposits has further boosted its popularity in the industry. Users value its authentication features, such as fingerprint scanning or passcodes, to protect against unauthorized use. The deposit method is secure, thanks to Samsung Knox and ARM TrustZone technologies, which safeguard credit card information and monitor devices for any signs of security threats. Many users appreciate Samsung Pay’s ability to remotely lock and erase data using Find My Mobile if the phone is lost. However, some users are disappointed that Samsung Pay doesn’t allow transfers to friends or contacts, unlike other payment methods. Samsung Pay is mainly focused on purchases, and you cannot access your account via the web. iOS users are frustrated as the service is incompatible with Apple devices, leading them to opt for alternatives like Google Pay or Apple Pay.

Samsung Pay FAQ

Below are some frequently asked questions related to Samsung Pay as a payment provider.

Is it safe to use Samsung Pay for cryptocurrencies?

Yes, Samsung Pay is safe to use for cryptocurrencies, as it employs security features like tokenization to protect your personal and financial details. Samsung Knox continuously monitors and protects your phone from malware and other security threats.

How do I set up Samsung Pay?

Samsung Pay works with recent Samsung mobile phone models, starting from the Galaxy 6. It is pre-installed from the Galaxy 8 onwards. To set it up, create a Samsung Account and PIN, then add your debit or credit card details, verifying with your bank. Once verified, Samsung Pay is ready to use.

Is Samsung Pay instant?

Yes, Samsung Pay enables instant transactions using contactless and magnetic strip-only payment terminals with a simple tap.

When was Samsung Pay founded?

Samsung Pay, part of Samsung Wallet, was founded in 2015. Samsung Electronics Co., Ltd was founded in 1969. In 2016, the company moved to “Samsung Town” in Seoul, a large office park near Gangnam, where it employs over 20,000 people.

Where is the parent company based?

Samsung Electronics is headquartered in South Korea.

Does Samsung Pay only work on Apple devices?

No, Samsung Pay works primarily on compatible Samsung and Android devices.

Is the Samsung Wallet free to use?

Yes, there are no fees for using Samsung Pay for crypto deposits.

Which Samsung mobile models support Samsung Pay?

Samsung Pay is available on a wide range of supported devices, including models such as Galaxy Fold, Z Flip, Note9, S9+, S9, Note8, S8+, S8, S7 edge, S7, and many more.