Samsung has today announced that they are moving into the mobile payments market, unveiling a new platform called Samsung Pay, which allows users to pay for goods and services by simply waving their Samsung compatible device near a register, instead of saying for them with the old credit card methods.
This was all announced alongside the Samsung Galaxy S6 and Galaxy S6 Edge smartphones earlier, and uses Samsung’s previous acquisition of LoopPay, which is a startup that created their own mobile wallet technology called MST, and allowed users to pay at nearly any point-of-sale checkout in the US.
LoopPay say that this is currently accepted in over 10 million stores with major payment networks like Visa and MasterCard, which should be the same with Samsung Pay, which will use a near-field communication chip that has been built into the S6 and the S6 Edge.
To this the phone will need to use the Samsung Pay application, which users can add cards and then use them by swiping up from the bezel and then choosing the payment method in the app, after that the user simply authenticates via the fingerprint sensor.
This is all done securely by keeping account numbers on the phone itself, uses Samsung Knox to secure the information.
Samsung Pay will launch in the US and South Korea this summer, shortly after which it will expand to other regions including China and Europe.