Samsung Pay – Now Your Wallet

Mobile payments are fast becoming a trend now with Apple Pay and Google Wallet well underway, Samsung is launching its own wallet system, aptly named Samsung Pay. Samsung plans to debut the payments service in September and expand it to Europe, China, South America, and Australia later this year. Unfortunately, Samsung Pay will only work with the new Samsung Galaxy S6 and Galaxy S6 Edge to start. Whether Samsung Pay will arrive on older phones or not is not yet revealed.

At present, Samsung is running tests with eight domestic card companies in order to run Samsung Pay smoothly within the system. The tech deployed to send info to card readers — Magnetic Secure Transmission (MST), a Samsung’s proprietary feature that replicates a payment card’s magnetic information. Working in tandem with traditional NFC, the advantage of MST is that it’ll open Samsung Pay up to 90 % of pre-existing payment terminals in the United States, where competitors like Google Wallet and Apple Pay are tied down to NFC-only systems. Exclusive to the flagship Galaxy S6 and S6 edge, it’ll enable the company’s top-tier handsets to get in on Samsung Pay before anybody else. Unfortunately, it’s a little rough around the edges at present, so getting everything to run without flaw is taking some time. Additionally, since Samsung’s newest smartphones have fingerprint sensors onboard, the payment system will use the user’s fingerprint to verify all payments.
Samsung has acquired LoopPay, the Galaxy S6 and S6 Edge will both feature Magnetic Secure Transmission (MST) technology, which will allow its flagship phones to digitally replicate a traditional, magnetic card, usable at retailers that already take them. So your credit cards, gift cards and more can be transferred to your phone, almost truly replacing your wallet. Samsung will be relying on KNOX, ARM TrustZone technology, tokenizing your credit card numbers, and fingerprint technology for utmost security. Samsung is partnering with MasterCard, Visa, American Express, Bank of America, Citi, JPMorgan Chase, and US Bank to offer this service,
Of course, before you can use Samsung Pay, you’ll have to set it up on your phone. With an easy process, it will only take a few steps to add your credit or debit card. Once you’ve added your cards, you just swipe up from the bezel to turn on the Samsung Pay app, choose the card you want to use, and authenticate the purchase with your fingerprint.
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