Samsung had introduced the Galaxy S6 and Galaxy S6 Edge at MWC 2015 in Barcelona and both of them supports Samsung Pay, the mobile payment platform introduced by Samsung. Lets have a look at how Samsung Pay works in comparison to Apple Pay.
Samsung acquired LoopPay back in February to kick-start Samsung Pay in order to compete with Apple Pay and Google Wallet. It will allow the consumers to use their mobile devices to pay for purchasing goods.
Samsung Pay will let the users enter their credit card details to pay at existing point-of-sale terminals. The payment system uses both Near Field Communication (NFC) and a new proprietary technology called Magnetic Secure Transmission (MST) which promises to make mobile payments more accessible to merchants and consumers.
On this announcement, JK Shin, CEO, IT & Mobile Communications Division at Samsung said,
“Samsung Pay will reinvent how people pay for goods and services and transform how they use their smartphones. The secure and simple payment process, coupled with our robust partner network, makes Samsung Pay a truly game-changing service that will bring value to consumers and our partners in the ecosystem.”
Apple Pay, in order to work, requires specialized NFC pads to work, whereas Samsung Pay will work with any terminal with a standard magnetic stripe credit card reader and NFC. MasterCard and Visa along with banks like American Express, Bank of America and JP Morgan Chase has patterned with Samsung.
How does Samsung Pay works?
In order to use Samsung Pay, you need to add your credit card number and then simply swipe up from the bezel to start the Samsung Pay app. Then choose your desired payment card and authenticate with the fingerprint sensor.
Samsung will release the mobile payment system in USA and South Korea this summer and will arrive in Europe and China after that.