Hot on the heels of unveiling the Galaxy S6 and S6 edge, Samsung has also announced its venture into the mobile payment industry. Cleverly dubbed Samsung Pay, the initiative will be compatible with both of the company’s latest flagship devices. Samsung Pay will launch in the United States and South Korea this summer, with Europe and China support to come at a later date.
Samsung says that, thanks to its work with (and now acquisition of) LoopPay, its mobile payments solution will work with far more merchants and stores than Apple Pay. Samsung Pay will work with NFC compatible registers, in addition to the Magnetic Secure Transmission technology which works by holding the phone near a traditional card swipe reader. Samsung touts that its mobile payment solution will be accepted at 30 million merchant locations. For comparison’s sake, the NFC-based Apple Pay solution works with 200,000 merchants currently.
Samsung has also partnered with Visa and MasterCard for Samsung Pay, as well as American Express, Bank of America, and JP Morgan Chase. As far as security goes, Samsung will not keep personal account numbers on devices, but will rather use a secure token with random information instead of card data to process transactions.
Samsung Pay will launch this summer in the United States and South Korea, with Europe and China support coming later.
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