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Samsung Unveils Mobile Payment Service Samsung Pay: A Big Threat to Apple Pay
Samsung Electronics unveiled today that Samsung Pay, a secure and easy-to-use mobile payment service that can be used to make purchases nearly everywhere cards are accepted, will launch in Korea on August 20 and in the U.S. on September 28. Samsung plans to roll out the service in the U.K., Spain and China, as well.
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.
Select U.S. users of Galaxy S6, S6 edge, S6 edge+ and Note5 will be able to participate in a beta trial from August 25 ahead of the September 28 launch.
How to use Samsung Pay?
To make a payment on Samsung Pay, users can simply swipe up, scan their fingerprint and pay.
Samsung Pay uses tokenization, Samsung KNOX, and fingerprint authentication to provide secure payments and reduce the security risks inherent to plastic cards.
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.
Samsung Pay continues to strategically expand its partnership ecosystem to provide greater flexibility, access, and choice for customers. 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.