Back in February, Samsung acquired LoopPay and there were numerous reports circulating all over the tech world that the South Korean firm will be including the mobile payment system in the Galaxy S6 and S6 Edge. Following this, at the MWC 2015 the firm launched the Samsung Pay mobile payment system that can function with both NFC equipped terminals and other terminals as well. This way, the Samsung’s mobile payment system can function with approximately 30 million merchants across the globe effectively.
Eventually, Samsung’s mobile payment system Samsung Pay will be the new ruler in the segment as its challengers such as Apple Pay and Google Wallet support only thousands of merchants.
By acquiring LoopPay, Samsung picked the technology dubbed Magnetic Secure Transmission (MST) that is the main key to this universal acceptance of the vendor’s new mobile payment service. The MST technology allows the device to emulate a classic card swipe at the credit card readers rather than hoping that the vendor has a NFC ready terminal. The reason for the same is that NFC terminals are still in the emerging phase and not many merchants have such terminals. Acting similar with credit card swipe and NFC terminal swipe, this innovative technology can bring about enough success to the mobile payment solution.
Notably, Samsung Pay will require the use of the fingerprint scanner on the newly launched Galaxy S6 and Galaxy S6 Edge. This has to be coupled with the tap of the payment card. This way, the payment solution becomes highly secure as it involves the use of your fingerprint for enhanced security and it keeps Samsung away from storing your personal account numbers on the device.
The Samsung Pay service will be launched in the Korean and American markets this summer and later it will be expanded to the other markets. The mobile payment solution will be made available on the Galaxy S6 and S6 Edge for now, and the upcoming Galaxy Note is also expected to arrive with this feature.
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