Samsung announces Samsung Pay to make payments on-the-go easier for you

Pay
By 

Last updated: May 10th, 2016 at 14:46 UTC+01:00

As rumored earlier, Samsung did indeed have a payments service ‘Samsung Pay’ in the works. The service was officially announced today at the ongoing event, alongside Samsung’s Galaxy S6 series. Essentially, with Samsung Pay, the company wants to make payments easier for its users. This, the company aims to establish by using the Galaxy S6 and the S6 Edge’s NFC radios along with what the company calls MST – Magnetic Secure Transmission. The unique selling point of the service according to Samsung is the fact that users will be able to use the payments service with existing merchants, without the latter having to invest in additional hardware, as has been the case with other mobile wallet systems.

Samsung has roped in two of the biggest payment networks in MasterCard and Visa for Samsung Pay. Additionally, the company is also looking at a few other companies as potential partners, including American Express, Citi, etc. “The secure and simple payment process, coupled with our robust partner network, makes Samsung Pay a truly game-changing service that will bring value to consumers and our partners in the ecosystem,” added JK Shin, CEO and Head of IT & Mobile Communications Division, Samsung.

The company also adds that its KNOX security system, in conjunction with ARM TrustZone, will work to protect your information and attempt to protect you from fraud attempts. From what we’re hearing the service will go live only in summer of 2015, which is when Samsung perhaps expects the Galaxy S6 and the Edge to be at their best when it comes popularity and sales.

PayPhone Galaxy S6Galaxy S6 EdgeSamsung Pay
Load comments

Related News

Samsung Pay will soon cease to support Boost QR payments

  • By Mihai M.
  • 3 weeks ago

Scan QR-Samsung Pay integration makes mobile payments in India quicker

  • By Mihai M.
  • 1 month ago

Russian court bans 61 Samsung smartphones following patent lawsuit

  • By Mihai M.
  • 1 month ago

Banner ads in Samsung Pay and Samsung Health finally removed

  • By Anil G.
  • 2 months ago

Galaxy Watch 4 gets Google Pay in markets where Samsung Pay is M.I.A.

  • By Mihai M.
  • 3 months ago

American Express is ending support for Samsung Pay in India

  • By Asif S.
  • 3 months ago

Use Samsung Pay on your Galaxy Z Flip 3, get cool points

  • By Abhijeet M.
  • 3 months ago

Apple Pay demolishes Samsung Pay in the United States

  • By Anil G.
  • 3 months ago