Samsung at its Unpacked event announced mobile payment system called as the “Samsung Pay” along with its Note 5 and bigger S6 Edge Plus.
Samsung Pay will make payments by through terminals that support Magnetic Secure Transmission (MST) and NFC. Which differs in a big way to Apple Pay. As Apple Pay can only make payments by NFC. By supporting both MST and NFC, Samsung’s service has the potential to be accepted at more than 30 million merchant locations around the world.
Samsung’s Galaxy S6, S6 Edge, Note 5 and S6 Edge Plus will support Samsung Pay. Samsung needs to compete with Apple and Google has its own service, Android Pay, coming soon. Samsung already has several partners onboard, including Visa and MasterCard, & American Express.
To use Samsung Pay, you simply swipe up from the bottom bezel of your phone. It works from the home screen and, in a clever twist, when the phone’s screen is off. A credit card pops up and you unlock it with your fingerprint. At that point, you can either pay with NFC or hold it up near the spot where you swipe a credit card.
Samsung Pay is launching in Korea on August 20th and in the US on September 28th — though a software update which enables it will come sooner. It also says “select US users” will be able to take part in a beta test beginning on August 25th. Users from UK, Spain, and China Samsung Pay will be launched later this year.