SEOUL, South Korea (10/5/15)--People using Samsung phones have a new way to pay with the Sept. 28 release of Samsung Pay.
Samsung Pay employs near-field communication technology to secure mobile payments similar to its chief competitors, Apple Pay and Android Pay from Google. But Samsung also use magnetic secure transmission, which lets consumers conduct wireless payments between a phone and any terminal that has a magnetic stripe reader. As a result, Samsung Pay works with most point-of-sale terminals.
Payments are made by holding the smartphone near the terminal, swiping up and scanning a fingerprint to pay.
“Samsung Pay works with almost any card terminal from day one, and Galaxy owners can shop with a wallet they never knew was always in their hands,” Injong Rhee, executive vice president of Samsung Electronics, global head of Samsung Pay, said in a company news release.
To use Samsung pay, consumers will need a participating MasterCard, Visa or American Express card.