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Samsung Pay is Now Ready to Go Head On With Apple Pay

Written by

Abhinav Mishra

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Samsung has announced its own version of Apple Pay, titled Samsung Pay at MWC 2015. With S-Pay customers can make secure mobile transactions. Samsung has collaborated with Visa and Mastercard and is planning to further expand the eco-system with the likes of American Express, Bank of America, Citi, JP Morgan and US Bank.

Samsung offers this capability by deploying a technology called Magnetic Secure Transmission (MST). Consumers can use Samsung Pay in merchant locations regardless of whether the terminals support NFC or traditional magstripe, which is the vast majority of existing terminals.

The system essentially relies on the Galaxy S and Note devices fingerprint sensor. Users just need to swipe up from the bottom to launch the Samsung Pay app, choose their credit card and simply authenticate the transaction with their fingerprint. Proper safety measures have been taken, Samsung has integrated the system with its KNOX platform, ARM TrustZone and tokenization.

Samsung claims it has tied up with 90% retailers in the US already. Samsung Pay launches in the United States and Korea in the summer, while other regions (such as Europe and China) will follow later. The first devices to support it will be the Samsung Galaxy S6 and Samsung Galaxy S6 Edge.

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