If Google and Apple can have their mobile payment services, so can Samsung. They are the world’s largest phone maker, after all. And they want to increase their ARPU, no matter what.
Samsung is just trying too hard and they will eventually succeed. Honestly, I’m not sure why their apps are seldom, if ever, used. Some of them look great, while others — like Samsung (Galaxy) Apps — are only used when you need to download something for free.
Anyway, the Samsung Pay service has been unveiled on the heels of the company’s acquisition of mobile payments firm LoopPay. The service will utilize both NFC and MST (Magnetic Secure Transmission) to allow users to forget their wallets at home, and use nothing but their smartphone to pay for goods.
The Korean giant has managed to corner all of the big boys on its side, which — when you think about it — don’t have a thing to lose – only to gain new clients. These include financial giants such as MasterCard, Visa and American Express, Bank of America, Citi, JPMorgan Chase, and U.S. Bank.
Adding a card requires a few simple steps. Once added, the user simply swipes up from the bezel to invoke the Samsung Pay app, chooses the desired payment card, and authenticates with the fingerprint sensor. Tapping the device to the point-of-sale (POS) terminals allows for a fast, secure, and easy purchase.
Samsung promises top-notch security, emphasizing the fact that important information won’t be stored locally.
The Samsung Pay is expected to be launched in the U.S. and Korea this summer, before expanding to Europe and China later in the year. Anyone looking to try it out?
I’m looking forward to both the Samsung Galaxy S6 Edge and Samsung Pay. The Galaxy S6 Edge fingerprint reader has been reported as working great and Samsung Pay works with any credit card terminal.
Its supposed to work with 90% of retailers while apple only works with 10% so its already winning.