Samsung released its exciting new phones Samsung Galaxy S6 and S6 Edge on March 1 in Barcelona and also announced its upcoming phone payment feature called Samsung Pay.
This new phone pay system is Samsung’s way of getting even or ahead of Apple Pay which was unveiled by Apple in September along with the iPhone 6 and the iPhone 6 Plus. Samsung Pay is expected to release sometime in the summer of 2015.
Samsung Pay accepts a huge variety of cards, according to Samsung it works with 30 million retailer’s worldwide or 90% of the retailers compared to NFC which works with only 10% of retailers.
This takes Samsung way ahead of Apple Pay which works with only 3% of retailers. Samsung Pay works with Visa, MasterCard, American Express, Bank of America, Citi, JP Morgan Chase and it also uses NFC as well.
Using Samsung Pay
Going by the demonstration videos, Samsung pay is really easy to use.
- Just open up the Samsung Pay app and scan in your credit cards. You can also enter your credit card details manually.
- When it’s time to pay, swipe up your thumb from the bottom of the screen. This will bring up the cards that you had scanned in step 1.
- Choose the card that you want to use and press your finger to the fingerprint sensor. Next tap the phone to the magnetic card-swiper and let the transaction to complete.
- You will immediately receive confirmation and transaction details in your notifications area.
- The Samsung pay app creates a signal that is recognised by both old card swipe and new card terminals which will seamlessly allow you to pay for purchases with your Samsung phone at most locations.
Samsung Pay Security
Samsung Pay is based on Magnetic Secure Transaction Technology (MST), acquired by Samsung through its acquisition of LoopPay in February 2015. According to LoopPay, its MST technology is secure and supported by 90% of US retailers that are using Magnetic Strip Tech at their point of sale terminals (POS).
MST technology generates changing magnetic fields over a very short period of time….. The field dissipates rapidly beyond that point, and only exists during a transmission initiated by the user. – LoopPay
As you can see from above, the transaction needs to be completed within seconds and this is mostly initiated by the user, who needs to access the card on their Samsung phone by authenticating with their finger print.
The best part about Samsung Pay is a process called tokenization which further improves the overall security of your payment information. In simple terms, the Samsung Pay app embeds your data in a secure token that is accessed by the POS readers instead of your actual card details. This ensures that your data is always shielded from potential hackers and misuse by anyone.
According to Samsung, your data is also never stored on the device – This nails it all!