This is Why Verizon May Not Support Samsung Pay

With Samsung Pay using MST, retailers will not need to upgrade their hardware to accept payments.

Samsung’s new mobile payment option will employ its technology called “Magnetic Secure Transmission” which will allow its mobile payment system to be used on standard credit card machines. This was confirmed in a tweet by Samsung Support USA in which they pointed users to the official Samsung Pay website which does not list Verizon as one of the service’s supporters.

Samsung Pay was officially unveiled at Samsung’s Galaxy Unpacked event last week, with the backing of all the big names in the financial industry, including American Express, Discover, MasterCard, Visa, Bank of America and U.S. Bank. But, Samsung Pay also works with magnetic stripe readers, which are popular in Asia and the United States.

The two tech giants, Apple and Samsung are offering full support so the trend kickstarts itself and relinquishes our bulky wallet, or handbag. They have become famous for snail-like testing processes of new phones, new services, and maybe more importantly to this topic, mobile payment systems. This made sense considering an earlier announcement back during the Samsung Unpacked event. Tap-and-go terminals will then receive the same amount of information released by the phone before processing a transaction.

Samsung Pay will only work on the company’s latest flag-ship smartphones.

And bank/credit card providers involved must be signed up to the scheme. In the UK, the limit is £20 but this will be increased to £30 from 1st September. Higher limits are possible, however, even now, but that depends on individual deals being struck between retailers and Apple/Samsung.

And while canned and obviously prepared in nature, it’s clear that Verizon may still support Samsung Pay – it just isn’t sure when, or if the carrier will offer the feature to its subscribers.