What is Samsung Pay? Your ultimate guide explained

Samsung Pay: your ultimate guide explained. Nicole Gardner explains what you need to know. So, what are you waiting for? Get started!

The content of this article was relevant at the time of publishing. Circumstances change continuously and caution should therefore be exercised when relying upon any content contained within this article.

You might have heard of Samsung Pay, but do you know what it is? Samsung Pay is a widely accepted contactless payment method you can use on your Samsung Galaxy phone or smart watch. If you haven’t tried it because you’re not sure how it works, here’s your ultimate guide to Samsung Pay!

Why use Samsung Pay?

Samsung Pay has several advantages over Visa payWave and other contactless cards. When you pay with Samsung Pay, your personal information and card details aren’t passed to the vendor. Also, you don’t have to carry your cards when you go out shopping.

Samsung Pay is just as widely accepted as contactless cards, and it’s more secure.

Where can you use Samsung Pay?

Samsung Pay offers the ultimate in compatibility. Unlike other contactless mobile payment systems, you can use Samsung Pay at magnetic stripe terminals (the ones where you usually have to swipe your card) as well as normal contactless terminals. The only payment terminals it doesn’t work with are the ones where you need to insert your card.

For travel on London transport, you can load your Transport for London (TfL) Travelcard (a prepaid ticket) into the Samsung Pay app, then tap on and off on London transport without waking up your device or verifying your identity – just touch your phone or smart watch against the card reader.

How do you get started with Samsung Pay?

To get started with Samsung Pay, you need a:

  • compatible Samsung phone or smart watch;

  • Samsung account;

  • supported card from a participating card issuer; and

  • registered fingerprint, iris or Samsung Pay PIN.

See the Samsung Pay FAQs for more details.

How do you set up Samsung Pay?

The Samsung Pay app is pre-installed on compatible phones. Open it and tap Get Started.

The app will prompt you to enter and confirm a new PIN for Samsung Pay and then walk you through adding payment cards. Touch the + button to add cards.

When you add cards, the Samsung Pay app will give you step-by-step instructions. You may have to download your card issuer’s app or add extra verification information to proceed.

You can skip adding cards for the moment, but you’ll need to add them before you can use Samsung Pay to pay for anything.

Once at least one card is verified, touch Next and you can start using Samsung Pay.

To use Samsung Pay on your Samsung smart watch, you’ll need to set it up separately. Press and hold the Back button on the watch for a few seconds to start Samsung Pay, swipe left to view the instructions, and tap the arrow to set up Samsung Pay. When it opens on your phone, follow the instructions to set it up.

In the Settings section of the Samsung Pay app, you can follow the instructions to add biometric security (fingerprint or iris verification) for transactions.

How do you use Samsung Pay?

To use Samsung Pay on your phone to pay in a shop, swipe up on your screen or tap the Samsung Pay icon to open the app. Tap Pay and select the card you want to use. Verify your identity with either PIN, iris or fingerprint then hold the back of the phone near the contactless or magnetic stripe payment terminal.

If you want to use your Samsung smart watch to pay, hold down the Back button. When your cards appear on your watch screen, select your card then hold the watch near the payment terminal.

Does Samsung Pay have any fees?

There are no extra fees for you to use Samsung Pay. However, you’ll still have to pay any fees associated with the card you’re using (if there are any).

What about spending limits?

Samsung Pay doesn’t have any transaction limits. However, individual banks and retailers often impose the same £30/£45 limit as for contactless bank cards.

What if your Samsung Pay device is lost or stolen?

Even if your device is lost or stolen, no-one can use your Samsung Pay because they won’t be able to authenticate.

If your device goes missing, you can use Find My Mobile to locate your device, back up your data, lock the screen, block access to Samsung Pay, and wipe your device. You could also contact your bank and cancel your cards, but Find My Mobile is much easier.

Takeaway

If you’ve got a compatible Samsung phone, you’ve installed Samsung Pay and you have this ultimate guide, there’s no better time than now to give Samsung Pay a try!

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be considered so you should consider taking independent financial advice.

MyWalletHero, Fool and The Motley Fool are all trading names of The Motley Fool Ltd. The Motley Fool Ltd is an appointed representative of Richdale Brokers & Financial Services Ltd who are authorised and regulated by the FCA (FRN: 422737). In this capacity we are permitted to act as a credit-broker, not a lender, for consumer credit products. We may provide information on consumer credit, savings, insurance, loans, mortgages and investment products and services, but will not provide advice, or confirm the suitability of any product or service, for your specific circumstances or requirements, neither will we arrange these products on your behalf.

The Motley Fool receives compensation from some advertisers who provide products and services that may be covered by our editorial team. Its one way we make money. But know that our editorial integrity and transparency matters most and our ratings arent influenced by compensation. The statements above are The Motley Fools alone and have not been provided or endorsed by bank advertisers.

More on Personal Finance

Note paper with question mark on orange background
Personal Finance

Should you invest your ISA in a model portfolio?

Which model ISA portfolios offer both high performance and low fees? Hargreaves Lansdown, Interactive Investor and AJ Bell go under…

Read more »

Economic Uncertainty Ahead Sign With Stormy Background
Personal Finance

Is it time to exit emerging markets investments?

Investors may well be sitting on losses from emerging markets funds. Is it worth keeping the faith for a sustained…

Read more »

Personal Finance

Share trading? Three shares with turnaround potential

Share trading has been difficult in 2022, but which companies have turnaround potential? Jo Groves takes a closer look at…

Read more »

Man using credit card and smartphone for purchasing goods online.
Personal Finance

Revealed! Why Gen Z may be the savviest generation when it comes to credit cards

New research reveals that Gen Z may be the most astute when it comes to credit cards. But why? And…

Read more »

Environmental technology concept.
Personal Finance

The 10 best-performing sectors for ISA investors

The best-performing sectors over the past year invested in real assets such as infrastructure, but is this trend set to…

Read more »

Road sign warning of a risk ahead
Personal Finance

Recession risk ‘on the rise’: is it time for investors to worry?

A major global bank has suggested the risk of a recession in the UK is 'on the rise'. So, should…

Read more »

pensive bearded business man sitting on chair looking out of the window
Personal Finance

1 in 4 cutting back on investments amid cost of living crisis

New research shows one in four investors have cut back on their investing contributions to cope with the rising cost…

Read more »

Image of person checking their shares portfolio on mobile phone and computer
Personal Finance

The 10 most popular stocks among UK investors so far this year

As the new tax year kicks off, here's a look at some of the most popular stocks among UK investors…

Read more »