Samsung had announced its mobile payment service Samsung Pay at the MWC 2015 when it unveiled its new flagship Galaxy S6 along with Galaxy S6 edge. However, even after over four months the much awaited Samsung Pay is still nowhere in sight.
Early this month we heard the news that Samsung Pay was in the final phase of testing and Samsung was testing out its mobile payment service in its home market with eight domestic card companies to remove all the kinks before rolling it out in the market. The report also said that the South Korean company was planning to launch this service in September, initially across the US and South Korea followed later in more countries.
The delay could be detrimental for Samsung Pay as Apple Pay is already expanding into Europe and Google Wallet is also going to be refreshed as Android Pay later in the year. Both Apple Pay and Google Wallet use the Near Field Communication (NFC) system which needs an NFC payment terminal at the retail outlet. Samsung Pay has an added advantage as along with NFC, it will also work at the traditional magnetic stripe card readers which are already available at most of the stores.
Now, when consumers are still wondering how Samsung Pay will actually work, Times of India has posted a video giving a hands-on demo of how the payment via Samsung Pay is made. As it turns out, making payment from your Samsung Galaxy phone is downright easy as you can see in the video below.
Once you have stored your credit/debit card/s in your phone, you just have to swipe the home button which will show you your stored cards. Select the one you want to pay with, touch the fingerprint scanner incorporated inside the home button to authenticate it and then put the phone near the NFC or magnetic stripe card reader. Viola, the payment will be made!
Samsung had bought the mobile payment startup LoopPay in February this year for $250 million from where it got the Magnetic stripe card technology. Rumors suggest that Samsung is planning to hold a big event to unveil its new Galaxy Note 5 and Galaxy S6 Edge+ and there’s a chance that the company will launch Samsung Pay then.