Samsung has officially launched Samsung Pay, its mobile payment service, at the MWC as expected. This was announced alongside Samsung’s much awaited flagship phone Samsung Galaxy S6 and the Galaxy S6 Edge. Last month, Samsung had bought LoopPay, a mobile payment startup and now the South Korean giant is ready to take on Apple Pay with this new “secure and easy-to-use mobile payment service”.
The good thing about Samsung Pay is that it will use both its own Magnetic Secure Transmission (MST) technology and the Near Field Communication (NFC) system for contactless payments making it accessible at majority of terminals. In contrast, Apple Pay uses only the NFC system for mobile payments. This means that Samsung Pay will have a greater reach and would be accepted at about 30 million retail locations worldwide. With its MST technology, Samsung Pay can also enable private label credit card (PLCC) support with the cooperation of Synchrony Financial and First Data Corp.
Samsung has already roped in two largest payment networks Visa and MasterCard and is also working to expand the Samsung Pay reach by partnering with other financial institutions such as American Express, Bank of America, U.S. Bank, Citi Bank and JPMorgan Chase.
JK Shin, CEO and Head of IT & Mobile Communications Division at Samsung Electronics said:
“Samsung Pay will reinvent how people pay for goods and services and transform how they use their smartphones, The secure and simple payment process, coupled with our robust partner network, makes Samsung Pay a truly game-changing service that will bring value to consumers and our partners in the ecosystem.”
Samsung Pay is an easy-to-use app requiring some simple steps to add your card. Once your card is added, you have to just swipe up from the bezel to wake the Samsung Pay app and then select the card from which you want to make the payment. Then authenticate it with the fingerprint sensor. For making payment, simply tap your smartphone to the point-of-sale (POS) terminal and viola your payment is made!
Your transaction information is protected by Samsung’s KNOX mobile security platform jointly with ARM TrustZone. Any data attacks are also thwarted.
Samsung Pay will launch in summer of 2015 first in US and Korea, expanding to other regions such as Europe and China later. Samsung Galaxy S6 and Galaxy S6 Edge will be the first devices to support Samsung Pay.
Source Samsung Mobile Press