Right on the money! Samsung Pay gets announced for the United States and Korea

Right on the money! Samsung Pay gets announced for the United States and Korea
At MWC 2015, Samsung announced its Apple Pay competitor, titled Samsung Pay. 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.

The system itself relies on Galaxy S and Note devices' 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

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