Sabadell Consumer Finance Makes Room for Samsung Pay

Banco Sabadell’s consumer lending subsidiary lets their customers rely on the South Korean vendor’s wallet, letting them store their payment and private-label cards to make payments.

Goal: enable their customers to make contactless payments more easily and securely, from their mobile device or smartwatch.
Their customers can rely on Samsung Pay everywhere their credit card is accepted, at NFC-equipped stores.
Eligible Sabadell Consumer Finance cards:
- 2 private-label cards: Bonpreu-Esclat Pay card and Mango card;
- Today Card
How it works.
- Users store their banking information in a dedicated app beforehand.
- In-store, they swipe their phone’s screen to launch Samsung Pay.
- They choose the payment card they intend to use.
- The identification process may rely on their fingerprint, on face recognition, iris scan or PIN-entry.
- At checkout, they merely hold their phone near the POS device.
Samsung Pay also lets them store loyalty cards and display barcodes at checkout.

Samsung Pay in Spain

1^st rollout in Europe: 2016

2M users

50,000 transactions/day

A lever for securing customer loyalty. For this credit institution, this option is a value-added service likely to help secure the loyalty of tech-savvy customers: Millennials, for instance (especially Mango cardholders). It also stands out as a means to increase card use levels based on an additional sales channel.
Boosting their presence. Banco Sabadell’s subsidiary isn’t the first bank in Spain making room for Samsung’s solution. CaixaBank pioneered through introducing Samsung Pay back in 2016. Samsung keeps making progress on a market where it even manages to secure a competitive edge in facing Apple Pay.

In March this year, Samsung announced their solution could be used to carry out in-app and Web-based transactions. They also said they intended to rely more on partnerships with e-commerce apps to win shares on the mobile payment market.
Just like Apple, Samsung could make it easier for their users to pay on credit. Partnerss including Sabadell Consumer Finance, might help them achieve this goal. An agreement is also in place with the Indian marketplace Paisabazaar: Samsung Pay users may subscribe loans or credit cards right from their mobile payment solution.

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