The highlight of Samsung’s Unpacked 2015 event was definitely the launch of the Galaxy S6 and S6 Edge handsets, but news of the company’s new mobile payment service are worthy of attention too.
Samsung Pay will be compatible with the newly released Galaxy devices, and is planned for launch this summer. It will enable users to make secure mobile payments at the vast majority of merchant locations, according to the Seoul-based company.
Mobile wallets have been poorly adopted by merchants worldwide, but Samsung sees the potential in this service category. The upcoming Samsung Pay will give users the possibility to use their smartphones for payments at POS terminals.
In order for Samsung Pay to be widely accepted by merchants, the company is planning to use both NFC and their own technology called Magnetic Secure Transmission and they already made deals with Visa and MasterCard. Also, the South-Korean company is already working to partner up with other big names of the mobile payment service like Bank of America, US Bank, American Express, JPMorgan Chase and Citi.
Samsung looks optimistic and sees their mobile payment service supported by roughly 30 million merchant locations across the world. The service is designed to be intuitive for all users. According to the announcement, the first thing one will have to do is add a new card onto their smartphone in just a few easy steps. Then you’d have to swipe up from the bezel to open up the Samsung Pay app , select the card you wish to make the payment with and authenticate it using the fingerprint sensor.
With these settings performed, whenever you need to pay for something using your card you can just tap your smartphone to the POS terminal. In terms of security, the service is powered by the Samsung KNOX mobile security platform and ARM TrustZone – the latter offering protection against data attacks for transaction information.
JK Shin, CEO and head of the IT & Mobile Communications Division at Samsung Electronics, said the company’s mobile payment service aims to be an innovative solution in terms of simplicity, security and availability.
“Samsung Pay will reinvent how people pay for goods and services and transform how they use their smartphones.”
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