Compare samsung pay bank accounts

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The way we pay is constantly evolving. Once upon a time, payments relied on humble cash, then plastic took over with a movement towards a cashless society – and now we can make payments using our personal phones and smartwatches.

One of the more popular new payment methods is Samsung Pay. Here’s what you need to know about it.

What is Samsung Pay?

Samsung Pay is a payment platform that’s exclusive to Samsung devices. It allows you to make payments directly from your bank account, simply by holding your Samsung device near a payment terminal (such as Eftpos).

Essentially, your device takes the place of a debit card, credit card or cash. Samsung Pay is an alternative to similar payment options from Apple (Apple Pay) and Google (Google Pay).

What are the benefits of Samsung Pay?

The main benefit of Samsung Pay is being able to simplify your payment methods. You can leave your bulky wallet or cards at home, and make purchases just about anywhere. It’s also safe and secure, thanks to Samsung incorporating stringent identity and money protection.   

What devices are compatible with Samsung Pay?

The beauty of Samsung Pay is its compatibility with nearly all Samsung devices. This is because the technology is integrated into all Samsung Galaxy devices. It also works with some Samsung smartwatches. Speak to a Samsung customer service representative for more details.

How does Samsung Pay work?

Samsung Pay is relatively simply to download and use.

To get Samsung Pay on your compatible device:

  • Download and install the Samsung Pay Android app
  • Link Samsung Pay with your chosen registered debit card or bank account
  • Give Samsung Pay permission to make payments directly from your nominated account

To make a purchase using Samsung Pay:

  • Launch the Samsung Pay app (if you’re using a mobile phone, you can simply swipe up from the bottom of the screen – either in sleep mode or via the home screen)
  • Your nominated debit card or bank account with appear along with a request to approve the payment (usually via fingerprint verification)
  • If you want to change the debit card or bank account, a simple left or right swipe will allow you to edit this
  • Once you’re happy, make the payment by holding your Samsung device near the payment terminal
  • Your phone will tell you once the payment has been successful

Where can I use Samsung Pay?

One of the best things about Samsung Pay is that it’s accepted almost anywhere in Australia (unlike some of its competitors). This is because it doesn’t require special terminals to work (as Apple Pay and Google Pay do).

All Samsung Pay requires to make a payment is a regular magnetic strip reader – the same that works when swiping debit cards or credit cards.

Is Samsung Pay a safe way to make payments?

No system can offer complete protection, but Samsung Pay is fundamentally safe. Samsung Pay uses several quality security methods:

  • Iris scan, which helps to protect your device and identity
  • Fingerprint verification, so only you can verify a payment
  • Passcode log-in, to further prevent fraudulent activity

FAQs

Opening a bank account in Australia is usually a straightforward process. Some banks give you the option of opening an account online, while others require you to visit a branch.

Different bank accounts offer different features, so it’s best to compare your options to find one that suits you.

All banks require you to pass an identity check to open a bank account. Australia uses the 100-point identification system, which means you’ll need to show a number of forms of ID that, together, add up to 100 points.

Common ID types include a driver’s licence, passport, Australian visa in a foreign passport, and Australian Medicare card. You’ll find out what types of ID are accepted when you go through the sign-up process online or at a branch.

Once your account is open, you’ll be given or sent a debit card that you can use to make purchases and withdraw money from your account.

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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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