Navy Federal Credit Union and SunTrust are among the next group of banks whose cards will
support Samsung Pay, a cashless payment app for smartphones. Photo credit: Phil Nickinson

Navy Federal Credit Union and SunTrust will be among the next group of banks whose cards will support Samsung Pay, the cashless payment system similar to Apple Pay.

The announcement came from Samsung Electronics Co., Inc., at Money 20/20 in Las Vegas.

According to the company's news release, four weeks after Samsung Pay was launched in the U.S., consumers are responding favorably to the service, which allows customers to use their smartphones to pay for transactions.

"After one month, the numbers say it all: Consumers who have used Samsung Pay are using it repeatedly because it works almost anywhere you can swipe or tap a card," said Thomas Ko, global co-general manager of Samsung Pay. “We’re thrilled to introduce new partners that will build on our early success, and move us even closer to a world in which your mobile phone is a true mobile wallet."

In addition to SunTrust and Navy Federal, in the coming months, Samsung Pay will expand to cards issued by Chase, PNC Bank, TD Bank, Fifth Third Bank, First Hawaiian, Key Bank, Silicon Valley Bank, Security Service Federal Credit Union, Virginia Credit Union, Associated Bank, Randolph Brooks Federal Credit Union and People’s United Bank.

Samsung is now working with the four payment networks: American Express, Discover, MasterCard and Visa, major banks including Bank of America, Chase, Citi, U.S. Bank, and key financial partners including Blackhawk Network, First Data, Synchrony Financial, TSYS, and Vantiv to extend Samsung Pay to the U.S.

Starting next year, Samsung Pay will work with Discover.