New Delhi: Foraying into mobile payment wars, Samsung has announced the launch of its mobile payment service - Samsung Pay. The new service lets users make payments by having phones send signals to existing magnetic stripe card readers, offering greater store coverage than Apple's Apple Pay service which requires retailers to install compatible equipment.
The recently launched Galaxy Note 5 and the Galaxy S6 Edge+ smartphones will support the company's mobile payment service that it says will launch on August 20 in South Korea and September 28 in the United States. The payments service will expand to the United Kingdom, Spain and China, the company said, without giving dates.
Samsung says the mobile payment service can be used to make purchases nearly everywhere cards are accepted.
To make a payment on Samsung Pay, users can simply swipe up, scan their fingerprint and pay. The new service uses tokenisation, 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, as the company says, works with most existing point-of-sale (POS) terminals. That means it works virtually anywhere you can swipe your credit card or debit card.
Select US users of Galaxy S6, S6 Edge, S6 Edge+ and Note 5 will be able to participate in a beta trial from August 25 ahead of the September 28 launch.
Samsung will offer software updates in August to make Samsung Pay available on the Galaxy S6 and S6 Edge.
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