Samsung Pay: Top 7 Things You Should Know About Samsung's New Mobile Payment Feature

By Vigneshwar

| Updated: Saturday, October 31, 2015, 12:04 [IST]

The South Korean tech giant Samsung has unveiled the Samsung Pay yesterday at the Unpacked Event in New York. This feature will be launched in Korea on August 20 and in the U.S. on September 28.

Samsung Pay is a simple, safe and available where you can swipe your card mobile payment service from Samsung Electronics. Combining NFC with Samsung's proprietary MST technologies, Samsung Pay provides consumers a to swipe anywhere with a card at millions of merchant locations worldwide.

Samsung Pay will be preloaded on select Galaxy S6 edge+ and Galaxy Note5 devices and a free software upgrade will be rolled out beginning mid-August, to enable Samsung Pay on Galaxy S6 and S6 edge devices in the U.S. and Korea.

Moreover, the company is partnering with card networks, issuers and acquirers, and Samsung Pay will also be the first to support contactless payment for store-branded credit cards.

Today, GizBot presents you the top 7 features of Samsung Pay:

Samsung Pay

To make a payment on Samsung Pay, users can simply swipe up, scan their fingerprint and pay.

Samsung Pay

Samsung Pay uses tokenization, Samsung KNOX, and fingerprint authentication to provide secure payments and reduce the security risks inherent to plastic cards.

Samsung Pay

With Magnetic Secure Transmission (MST) and Near Field Communication (NFC) technologies, Samsung Pay works with most existing point-of-sale (POS) terminals.

Samsung Pay

The company is partnering with payment networks like American Express, Discover, MasterCard and Visa, major banks including Bank of America to provide greater flexibility, access for the customers

Samsung Pay

With this feature, the mobile payment service works anywhere you can swipe your credit card or debit card.

Samsung Pay

Samsung Pay uses tokenization technology from the MasterCard Digital Enablement Service, which delivers a digital payment experience including all the benefits and guarantees of a MasterCard transaction.

Samsung Pay

In case if the Magnetic Secure Transmission (MST) doesn't work, Samsung Pay will generate a barcode that can be scanned to make a payment.