Along with the announcement of the new flagship smartphone Galaxy S6 and Galaxy S6 edge, the Samsung Electronics Company has introduced a new mobile payment service Samsung Pay, designed to compete with Apple Pay and Android Pay, expected in future.
According to the manufacturer, easy to use mobile payment service Samsung Pay will enable making purchases in more outlets than the competing services – with the help of just one application. It will be available on Samsung Galaxy S6 and Samsung Galaxy S6 edge in the United States and in its native Korea in the second half of this year.
Samsung Pay supports the Near Field Communication (NFC) technology as well as the Magnetic Secure Transmission (MST) technology which can provide more opportunities to make purchases. The service is protected by the security solution Samsung KNOX, a fingerprint scanner and the tokenization system of payments intended for secure payments through a variety of Internet-connected devices. Samsung Pay can be used in both contactless and most traditional POS terminals. Due to the used technology of MST, the possibility of using Samsung Pay is wider than that of Apple Pay – nowadays, the payments using Apple Pay are supported by 220 thousand US retail outlets, while the users of Samsung Pay have 30 million outlets available.
Samsung has signed agreements with major international payment systems MasterCard and Visa. There are also talks with other members of the financial industry, such as Bank of America, Citi, Express, JPMorgan Chase and US Bank.