Samsung Pay: 16 New Banks And Credit Unions In US Have Been Added

Samsung has apparently added 16 new banks and credit unions under the ambit of Samsung Pay. Reuters/Beawiharta

It’s a known fact that Samsung has struck a deal with American Express, Visa and MasterCard payment networks, along with a slew of participating U.S. banks to support its mobile payment system. As a continuous effort, the company has been adding other major financial partners to Samsung Pay’s eligible list.

Very recently, the tech giant launched Samsung Pay in China. Following the announcement, the South Korean company has apparently added a slew of banks and credit unions to the compatible list specific to the U.S.

Here is the list of banks and credit unions added to Samsung Pay, compiled by SamMobile:

Altra Federal Credit Union
Bank of England
Benchmark Federal Credit Union
Blackhawk Community Credit Union
BHCU
Fidelity Bank
Founders Federal Credit Union
Greater Texas Federal Credit Union
Henrico Federal Credit Union
Kern Schools Federal Credit Union
Justice Federal Credit Union
MSU Federal Credit Union
NuMark Credit Union
Old National Bank
Star One Credit Union
TruWest Credit Union

However, it is worth noting that even though many banks are now part of Samsung Pay’s ambit, not all cards issued by participating banks will be compatible. Hence, Samsung Pay users are advised to head to individual bank’s portal to check out the cards supported by this payment system.

Not long ago, a Bloomberg report suggested that Samsung Pay’s adoption rate has been faster than the pioneer Apple Pay. Apparently, the South Korean tech giant has signed up a total of 5 million users thus far. Samsung reportedly handled $500 million+ in transactions.

Speaking of U.S., Samsung Pay was originally launched in September 2015, whereas Apple Pay made a grand entry in October 2014. As of the beginning of March, Apple Pay had roughly 12 million monthly users from the time it debuted. Even though, Apple is ahead of Samsung in numbers, it debuted almost a year earlier and apparently, the adoption rate of the latter seems to be significant.

When it comes to compatible devices, Samsung’s Galaxy S6, S6 Edge, S6 Edge+, S6 Active, Note 5, Galaxy S7 and S7 Edge are equipped to support Samsung Pay.