Last year, Samsung invested in LoopPay, a mobile wallet, and then earlier this year, Samsung announced the acquisition of LoopPay, as previously reported by the Inquisitr. At that time, Samsung didn’t really say much about how it was going to be using LoopPay’s technology.
However, Samsung apparently has plans to roll out Samsung Pay, which will be Samsung’s payment service that will be built out via the company’s acquisition of LoopPay. Samsung Pay will roll out on August 20 in Korea, and at the end of September, Samsung Pay will roll out in the United States. In the near future, Samsung Pay will also be available in the UK, Spain, and China, according to ZDNet.
Samsung Pay will be a contactless payment system that will let people go to physical stores and use their phones to buy products, according to Time. Unlike other mobile wallets, such as Apple Pay and Google Android Pay, Samsung is using Magnetic Secure Transmission technology, which will allow those with Samsung Pay phones to communicate with credit card terminals’ magnetic strip readers. Apple Pay and Google Android Pay uses a technology called Near Field Communication sensors, which interact with point-of-sale systems at physical stores. Samsung Pay supports this technology too.
Those who use Samsung Pay will confirm a purchase they made by using their fingerprint, which is how other mobile payment systems work. JK Shin, CEO of Samsung’s mobile division, said that Samsung Pay is easy as well as safe. Shin added that Samsung Pay is available pretty much anywhere customers can swipe a card. He also said that in most cases, merchants won’t be hit with any new costs.
According to the Telegraph, people can use Samsung Pay on a Samsung Galaxy smartphone even if it’s in sleep mode. All they will have to do is swipe up via the home button, which will cause the default card to appear on the screen. If people want to use a different card, all they have to do is swivel the phone right or left.
Those who are interested in using Samsung Pay will have the chance to do so in the near future, and it will come preloaded on the new Samsung Galaxy S6 Edge+, as well as the Galaxy Note5. Customers will be able to download it for free on the both the Galaxy S6 and S6 Edge.
The company will partner with major credit card companies. These companies include Discover, American Express, MasterCard, and Visa. Samsung will also be partnering up with major banks such as U.S. Bank, Chase, and Bank of America.
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