Samsung Pay Mobile Payment Service
Samsung recently announce Samsung Pay Mobile Payment Service at MWC Barcelona, Spain, on March 1st, 2015. The announcement comes alongside the unveiling of the Galaxy S6 and Galaxy S6 Edge. The company plans to launch its mobile payment service this summer.
Samsung Galaxy S6 and Galaxy S6 Edge will be the first phones to use the Samsung Pay feature. It will launch in the US and South Korea in the summer, with Europe and China to come later. This system allows the Galaxy S6 and Galaxy S6 Edge to work with many more merchants and stores. The company also said that it has the potential of being accepted at 30 million merchant locations around the world.
Samsung Pay allows consumers to transition to secure mobile payments at nearly all merchant locations. With the Samsung Pay, the company plans to provide greater flexibility, access, and choice for customers while enabling a simple and secure payment experience.
JK Shin, CEO and Head of IT & Mobile Communications Division at Samsung Electronics said “Samsung Pay will reinvent how people pay for goods and services and transform how they use their smartphones,” “The secure and simple payment process, coupled with our robust partner network, makes Samsung Pay a truly game-changing service that will bring value to consumers and our partners in the ecosystem.”
Samsung has partnered with major payment networks such as MasterCard and Visa and is working hard to expand the partnership ecosystem with key financial partners globally, including American Express, Bank of America, Citi, JPMorgan Chase, and U.S. Bank.
The Executive Vice President, Visa Inc, Jim McCarthy said “Mobile commerce just got a lot more interesting,” “Combining Visa’s expertise in payment technology with Samsung’s leadership in creating innovative mobile experiences, gives more choice to financial institutions who want to enable their customers to pay by phone.”
Brian Moynihan, CEO, Chairman and Director of Bank of America said “We are committed to making interactions easier in the financial lives of our customers,” “Samsung Pay is another significant move in that direction for our 17 million mobile customers.”
Samsung Pay Feature
Samsung Pay will use Near Field Communication (NFC) and a LoopPay technology called Magnetic Secure Transmission (MST) which works by holding the phone near a traditional card swipe reader.
Margaret Keane, President and CEO of Synchrony Financial, the largest provider of private label credit cards in the U.S., noted, “This is great news for our customers who can access their cards and make payments using Samsung Pay and great news for our retailers who won’t have to upgrade their point of sale terminals. We look forward to working with Samsung and others to deliver secure mobile payments for our 60 million active accounts.”
Samsung Pay will be available in the United States and Korea this summer with Europe and China to come later.