Several months after being revealed, Samsung has finally announced the official availability of Samsung Pay. Customers in the company’s home region of South Korea will get it on the 20th of August, while those in the U.S. will have to wait a little over a week until the 28th of August to experience the new wireless payment service.
Samsung’s offering made the news earlier this year for offering a viable alternative to conventional magnetic stripe payment systems also known as MST (magnetic secure transmission) in addition to standalone NFC payment units.
The company has already announced support with a long list of retailers and financial institutions, which means that users of the Galaxy S6, Galaxy S6 edge and the newly released Galaxy S6 edge+ and the Galaxy Note 5 will be able to make use of them from the get go. If you haven’t guessed already, the service is an exclusive to Samsung products for now.
Here are the key highlights of Samsung Pay:
SIMPLE: To make a payment on Samsung Pay, users can simply swipe up, scan their fingerprint and pay.
SAFE: Samsung Pay uses tokenization, Samsung KNOX, and fingerprint authentication to provide secure payments and reduce the security risks inherent to plastic cards.
VIRTUALLY ANYWHERE: With Magnetic Secure Transmission (MST) and Near Field Communication (NFC) technologies, Samsung Pay works with most existing point-of-sale (POS) terminals. That means it’s the only mobile payment service that works virtually anywhere you can swipe your credit card or debit card.
Samsung Pay has been built using the company’s own KNOX secure encryption service, so user security is paramount for Samsung. Wireless payments can be initiated using your fingerprints and you can store your credit cards for easy and hassle-free transactions. Samsung Pay also supports a wide range of store specific cards, so it’s not just limited to bank issued cards.
The company has announced that more markets for Samsung Pay will be announced over the coming weeks, but for now, it seems like the U.S. is the big target for Samsung.
Source: Samsung Tomorrow