Samsung Pay mobile payments are coming soon

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South Korean tech giant Samsung is apparently putting the final touches to its Samsung Pay mobile payment system as it expands its partnerships with local card issuers in Korea.

Samsung and card companies including Samsung Card and BC Card are currently running trials for the company’s new mobile payments system that can be used with the Galaxy S6 and Galaxy S6 Edge.

You might not even have heard of Samsung Card, but the trial started last month and will continue with another round of tests from Friday. Participants in the scheme will send feedback of their experiences and share the results to improve the user experience when it officially launches, supporting magnetic secure transmission and NFC communication. In other words, tap to pay.

Samsung Pay is coming…

The technology from Samsung emulates the process of swiping a normal debit or credit card on a payment terminal, which means that retailers don’t need to replace their existing terminals to work with the new system.

Some of the feedback from trial participants included one who said that “Samsung seems to have finally made it. The mobile payment system will bring a whole new experience to users”. High praise indeed.

RELATED: Samsung Pay launches in trial service

The company has partnered with global card companies and banks, including MasterCard and Visa, in order to include tokenisation technology into Samsung Pay. Basically that means that your credit card number is never sent over the wire, reducing the likelihood of fraud.

The Galaxy S6 and Galaxy S6 Edge are the only two devices that will work with Samsung Pay for the moment, but the company will expand the mobile devices that support it in future. The new Galaxy Note 5 and Galaxy S6 Edge+, and possibly a new smartwatch, are certain to feature the new tech.

“Fitted with layers of security measures such as fingerprint scanning and a passcode, the mobile payment system is expected to become one of the safest payment measures”, an ‘industry official’ said.

A Samsung Card official also said “the company will try to offer both convenient and secure payment services and lead the mobile payment market”. Good luck…

SOURCE: Korea Herald.

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1 Comment

  1. I used my Samsung Pay from my US Verizon phone (with local sim card) here in Thailand in end of June 2016. Haven’t tried it anywhere else because vendors don’t know what it is and it seems that most machines aren’t self-swipe here like they are in the US.