Samsung Pay Safe and Simple Mobile Payments Coming Soon

SamPay_w1140_h400Samsung finally announced the much awaited Samsung Pay for making mobile payments easier. It looks like Samsung is now geared up to compete with Apple Pay and Android Pay.

Previously, rumors were all around the web world for the official release date of Samsung Galaxy Note 5, Galaxy S6 Edge+, and Samsung Pay. Now we can say that those rumors were correct. Company released both the devices and is said that both of them will support Samsung Pay.

As stated via official press release:

  • To make a payment on Samsung Pay, users can simply swipe up, scan their fingerprint and pay.
  • Samsung Pay uses tokenization, Samsung KNOX, and fingerprint authentication to provide secure payments and reduce the security risks inherent to plastic cards.
  • 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.

InJong Rhee, EVP of Samsung Electronics, Global Head of Samsung Pay said:

We are partnering with card networks, issuers and acquirers, and Samsung Pay will also be the first to support contactless payment for store-branded credit cards. The list of partners will only grow.

The release date for Samsung Pay is August 20 in South Korea and September 28 in the United States. However, Samsung is planning to launch this service in the U.K., Spain and China, as well.


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