Also among the hype of #thenextgalaxy, Samsung finally revealed the launch details for their native mobile wallet service: Samsung Pay. It is set to launch on August 20th in South Korea and on the 28th here in the US. It is set to work w/ the newly announced Note 5/S6 edge+ as well as the Galaxy S6/S6 edge.
Samsung Pay manages to stand out among the rest of the wallet services.
Samsung Pay works like other mobile payment services where you use the device’s NFC chip w/ a merchant NFC reader to make payments. But it has a trick of its own that will make it be useful in more places. The supported devices are equipped w/ MST or Magnetic Secure Transmission. This allows the device to simulate a card swipe. To do this you simply hold the device next to the card reader while your finger is on the fingerprint scanner/Home button and the card reader will process as if you swiped your phone card.
As far a security is concerned, the service utilizes tokenization which doesn’t actually send your card, it sends a temporary one that MasterCard or Visa will create for you. When your info is being transmitted, it is protected so that no other app can access it. Samsung doesn’t have access it to as well as its just passing the info through. Samsung Pay will be looking to work w/ payment networks like AMEX, Discover, MasterCard, and Visa. Along w/ them, banks as well like Bank of America, Chase, US Bank, and more.
So who’s looking forward to giving this a spin.
