Samsung Introducing a new way to pay. Samsung Pay is accepted at more places than any other mobile payment service out there, from the grocery store to the coffee shop to your favorite department store. It’s secure, easy to set up and simple to use with your latest Samsung Galaxy device.
Samsung Pay is accepted virtually anywhere you can swipe or tap your card. Samsung Pay makes transactions super easy Swipe up to launch the app. Secure with your fingerprint. Hover your device over the card reader to pay.And it’s safe. Your purchases remain yours alone. Samsung Pay doesn’t store or share your payment information, so you can pay without worry.
Samsung Pay has partnered with American Express, Visa, and MasterCard payment card networks in conjunction with top U.S. banks. Samsung working hard to expand our partnerships with popular financial partners to support Samsung Pay.
How does it work?
Samsung Pay uses Near Field Communication (NFC) technology to process payments at tap-to-pay terminals.However, the system also works with almost all other magnetic stripe terminals as well. These older systems are widely deployed throughout retailers in the US. Samsung Pay uses Magnetic Secure Transmission (MST) when the phone is held against one of these registers. The phone emits a magnetic signal that simulates the magnetic strip found on the back of a credit or debit card.
Earlier in 2015 Samsung acquired mobile payment company LoopPay which developed the specific MST technology used for Samsung Pay.
Samsung pay is currently available in South Korea and the US and Samsung is planning to launch their system in more regions, including China, Spain and the UK in the first quarter of 2016.
One of the advantages of Samsung’s payment system compared to other popular systems like Android Pay or Apple Pay is that Samsung has enabled its four flagship devices with Magnetic Secure Transmission (MST) technology, so it can be used with older credit card terminals, so local retailers don’t need to upgrade their terminals to newer ones that use NFC technology. The compatible phones are the Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge+ and Galaxy Note 5
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