Samsung debuts its own mobile payment service, Samsung Pay. The service which will be delivered in partnership with global payment giants, VISA and Mastercard, marks the entry of the communications giant into the mobile payment space. The maker of the popular Android smart devices says that the service will allow its consumers to leverage their devices via both Near Field Communication (NFC) and a new proprietary technology called Magnetic Secure Transmission (MST) to pay for their purchases, including purchases at various point-of-sale (POS) terminals.
The new service also sees Samsung establishing partnerships with key players in the banking and financial sector, namely American Express, Bank of America, Citi, JPMorgan Chase, and U.S. Bank, enabling it to provide greater flexibility, access, and choice for its customers across more regions and markets, as well as across more merchants.
According to Samsung, with Samsung Pay, consumers will benefit from a simple and easy-to-use application that is developed with a strong emphasis on user experience. For example, adding a card requires only a few simple steps and once added, a swipe is all it takes to invoke the Samsung Pay app. The user can then choose his payment cards with a screen touch and authenticate the payment with a fingerprint sensor. At the same time, said Samsung, by just tapping their device, users can make fast and secure payments at POS terminals.
Samsung Pay will reinvent how people pay for goods and services and transform how they use their smartphones. The secure and simple payment process, coupled with our robust partner network, makes Samsung Pay a truly game-changing service that will bring value to consumers and our partners in the ecosystem.
