Korean banks back Samsung Pay
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South Korean tech giant Samsung Electronics says the country’s 10 credit card companies have agreed to support its new mobile payment system, slated for launch today, Thursday.
Korea will be the first market in which the Samsung Pay service is launched. It supports not only the near field communication (NFC) technology like its rivals but also magnetic secure transmission (MST) and bar code technologies.
The MST technology is significant as it is compatible with conventional credit card devices, and therefore, it can be used in a larger number of shops compared with Apple Pay. Samsung’s progress was made possible as it had bought US mobile technology firm LoopPay, which has patent rights related to MST.
Samsung Pay is available through the Galaxy Note 5 and the Galaxy S6 Edge+ that were showcased last week, and software upgrades will be provided to the users of the two smartphones.
The service will officially reach the United States on September 28.
Questions & Answers
Q.Which specific Samsung devices will support Samsung Pay at launch?
Which specific Samsung devices will support Samsung Pay at launch?
Samsung Pay will be available via the Galaxy Note 5 and the Galaxy S6 Edge+ upon launch. Software upgrades will also be provided to users of these two smartphones to enable the service.
Q.What is the key technological advantage Samsung Pay has over rivals like Apple Pay?
What is the key technological advantage Samsung Pay has over rivals like Apple Pay?
Samsung Pay supports magnetic secure transmission (MST) technology, which is compatible with conventional credit card devices. This allows it to be used in a larger number of shops compared with rivals that primarily rely on NFC.
Q.When is Samsung Pay expected to launch in the United States?
When is Samsung Pay expected to launch in the United States?
The Samsung Pay service is officially scheduled to reach the United States on September 28. South Korea is the first market for its launch, which is today, Thursday.
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