Samsung Pay can be used to make payments with simply swiping and scan their fingerprint. The service uses tokenization, Samsung KNOX, and fingerprint authentication to provide secure payments and reduce the security risks inherent to plastic cards. It comes equipped with Magnetic Secure Transmission (MST) and Near Field Communication (NFC) technologies and works with most existing point-of-sale (POS) terminals. It has partnered with American Express, Master Card, Visa and major banks including Bank of America, Chase, U.S. Bank and others. Samsung Pay will also be the first to support contactless payment for store-branded credit cards.
“With the launches of these exciting new smartphones, we will open a new era of mobile payment. This is Samsung’s brave step forward to enhance our mobile experience. It is easy, safe, and most importantly, available virtually anywhere you can swipe a card, in most cases without new costs for merchants, from day one.”
said JK Shin, CEO and Head of IT & Mobile Communications Division at Samsung Electronics.
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. The service will be available in UK, Spain and other countries in near future.