Report: Secure mobile payment system Samsung Pay undergoing more trials this week
A report out of Korea reveals that Samsung will begin another round of beta testing for its mobile payment system, Samsung Pay, starting this Friday. The Samsung Card will be the subject of that test while another beta test involving South Korea's BC Card will kick off on August 20th. The latter happens to the largest provider of credit and debit cards in South Korea.
Thanks to Sammy's purchase of LoopPay in February, Samsung Pay supports both NFC enabled wireless payments and payments made by Magnetic Secure Transmission. This means that unlike Apple Pay and Android Pay, retailers won't have to convert their POS terminals to support NFC since the service will work with older point of sale machines. This gives Samsung a huge lead in the number of locations that can accept Samsung Pay. One figure earlier this year estimated that 10 million retailers are already compatible with Samsung Pay, dwarfing the number of locations that accept Apple Pay.
While still in beta, Samsung Pay has already received some positive reviews. One beta test participant said, "Samsung seems to have finally made it. The mobile payment system will bring a whole new experience to users." The Samsung Galaxy Note 5 and Samsung Galaxy S6 edge+ are both expected to support Samsung Pay, along with the upcoming Samsung's Gear A/Orbis smartwatch.
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source: KoreaHerald via GforGames
For now, Samsung Pay is available on the Samsung Galaxy S6 and the Samsung Galaxy S6 edge only. Users will select a card to use from a digital wallet and authenticate it by pressing on the fingerprint scanner. If the retailer supports NFC, the phone is held near the NFC terminal which records the transaction. If MST is employed by the store, the user simulates the swiping of a card by swiping the back of the phone against the magnetic reader used by the retailer.
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source: KoreaHerald via GforGames
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