Samsung Electronics, unveiled their mobile payment service Samsung Pay would be launching in their home country of Korea first on August 20 and then in the US on September 28. Other countries that will have Samsung Pay rolled out are UK, Spain and China. You can also use Samsung Pay with store branded credit cards, membership cards and gift cards.
Samsung Pay is a secure mobile payment service that can be used with the vast majority of existing credit card terminals and this makes it a unique and exciting proposition, unlike the competition which has limited compatibility *cough* Apple.
Samsung anticipates working with payment networks such as, American Express, Discover, MasterCard and Visa, major banks including Bank of America, Chase, U.S. Bank and key financial partners including First Data, Synchrony Financial and TSYS to extend Samsung Pay to the U.S. Samsung anticipates working with all major Korean card companies including Samsung Card, Shinhan Card, KB Kookmin Card, Hyundai Card, Lotte Card, NH Nonghyup Card, BC Card, Hana Card, Woori Card and Citi Card.
Samsung Pay will initially be preloaded on some Galaxy S6 edge+ and Galaxy Note5 devices and a free software upgrade will be rolled out beginning mid-August, with a limited closed beta trial of the service running from August 25 to September 28.
Features
- SIMPLE: To make a payment on Samsung Pay, users can simply swipe up, scan their fingerprint and pay.
- SAFE: Samsung Pay uses tokenization, Samsung KNOX, and fingerprint authentication to provide secure payments and reduce the security risks inherent to plastic cards.
- VIRTUALLY ANYWHERE: With Magnetic Secure Transmission (MST) and Near Field Communication (NFC) technologies, Samsung Pay works with most existing point-of-sale (POS) terminals. That means it’s the only mobile payment service that works virtually anywhere you can swipe your credit card or debit card.
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