Samsung introduces its mobile payment system “Samsung Pay”. It will be available in Korea on August 20 and in the US on September 28. This system will provide ease to users to pay for goods and services with their Samsung Phones.
Samsung Introduces Mobile Payment System “Samsung Pay” and will launch in Korea on August 20 and in US on September 28
Head of Samsung Pay Injong Rhee said at the company’s Galaxy Unpacked event in New York City.
“We set out to develop a solution that’s simple, safe and open to all businesses large and small, not to mention fun to use”
With this system, users will be able to pay for items by waving their smartphone near a store’s checkout register instead of swiping a credit card. That announcement came alongside the unveiling of the Galaxy S6 and Galaxy S6 Edge, which will be the first to use the feature.
Samsung’s mobile business CEO, JK Shin, said:
“With the launches of these exciting new smartphones, we will open a new era of mobile payment, This is Samsung’s brave step forward to enhance our mobile experience. It is easy, safe, and most importantly, available virtually anywhere you can swipe a card.”
Samsung believes that due to the LoopPay technology which it purchased earlier this year, this new system become more significant because it will allow its devices like the Galaxy S6 and S6 Edge to work with many more merchants and stores. Samsung Pay will use a near-field communication, or NFC, chip to talk with compatible registers. But it also uses a LoopPay technology called Magnetic Secure Transmission that works by holding the phone near a traditional card swipe reader, essentially making it backward compatible for nearly all payment terminals.
Samsung also announced its new partnerships for Samsung Pay with major credits cards, banks and store-branded credit cards. Such partnerships include American Express, Visa, Mastercard, Bank of America, Chase and US Bank
Visa’s executive vice president of innovation and strategic partnerships, Jim McCarthy, said in a statement.
“Instantly on day one, because of [magnetic secure transmission] technology, Samsung Pay will be accepted almost anywhere consumers can pay today,We see this as a huge step forward for consumer choice and payment security.”
Samsung Pay will also be available on Galaxy S6 Edge+ and Galaxy Note 5 devices. A free software upgrade to enable the payment system on Galaxy S6 and S6 Edge devices is expected to start in mid-August. After Samsung Pay launches in Korea and the US, the smartphone maker plans to expand its services out in the UK, Spain and China.