Amsterdam: Samsung is hoping its new mobile-payment service will let you leave your wallet at home. It’s a claim Samsung Pay’s rivals – Apple Pay and Google’s Android Pay – aren’t able to make because they work with fewer merchants.
Samsung has announced that it is launching Samsung Pay, a mobile payment system. The service will be coming to Korea on August 20 and to the US on September 28 and next it will be launched in Spain and China.
How will Samsung Pay work?
The users can pay using the service by swiping up, scanning their fingerprint and pay on the terminal. When you’re ready to pay, just swipe up from the bottom to see a list of your cards. The card you used most recently is there by default, though you can swipe left or right to choose another card.
You hold the phone near the store’s payment terminal and place your finger over the home button to authorize the transaction with your fingerprint.
The company said it has used tokenization to protect credit card numbers, a technique that means the user’s card number is never shared with the retailer.
It has a special technology along with NFC called Magnetic Secure Transmission, which means it works with most existing point-of-sale terminals so retailers do not need to do anything to get onboard.
What will you need?
The service will initially work with just four Samsung phones – the Galaxy S6 or S6 Edge from this spring and the upcoming Note 5 or S6 Edge Plus.
(With inputs from ANI)