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Sunday, March 1, 2015

Samsung Pay officially announced for the United States and South Korea


Samsung Pay officially announced

Samsung Pay was finally made official at MWC 2015 as the company's Apple Pay competitor. S-Pay lets customers make secure mobile transactions at merchants using existing POS terminals. To make the service device and location-agnostic, Samsung takes advantage of NFC connectivity and a proprietary technology by the name of Magnetic Secure Transmission. This could let Samsung Pay could reach up to 30 million merchant locations worldwide. MST also enables private label credit card (PLCC) support with cooperation from Synchrony Digital and First Data Corp.

In addition, Samsung partnered with Visa and Mastercard, and is working to expand the Samsung Pay ecosystem with the likes of American Express, Bank of America, Citi, JP Morgan, and U.S. Bank to really get the service going.

To use Samsung Pay, you will need a Galaxy S or Galaxy Note device with a built in fingerprint sensor. Users simply swipe up from the bottom bezel to launch the Samsung Pay app, choose the credit card they'll pay with, and authenticate the transaction with their fingerprint. To ensure proper security, Samsung combined the system with its KNOX platform, ARM TrustZone, and tokenization - which lets users replace card data with an unique secure token.

Samsung Pay will launch in the United States and Korea in the summer, while other regions (such as Europe and China) will follow later. The first devices to support it will be the Samsung Galaxy S6 and Samsung Galaxy S6 Edge.


source - Samsung


Press Release

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