Samsung Launches Samsung Pay
March 5, 2015
Samsung this week launched its in-store mobile payment solution that looks and sounds a lot like Apple Pay, but its inclusion of technology from its new acquisition LoopPay may give it the edge in the short term. Provisioning cards and using them at the point of sale with Samsung Pay is nearly identical to Apple Pay in that the phone leverages a fingerprint sensor for authentication and tokenization to secure payment details during the transactions. Samsung Pay will work via NFC at upgraded POS terminals, but, because it includes magnetic secure transmission technology from LoopPay, it will also enable contactless purchases via the device at traditional magnetic stripe swipe terminals.
Like Apple Pay, Samsung Pay comes to market with broad backing from the financial ecosystem. It has partnered with MasterCard and Visa and some of the largest U.S. credit-card issuers: JP Morgan Chase, Bank of America, Citi and US Bank. Unlike Apple Pay, at the moment, Samsung Pay does not allow for in-app card-not-present payments. The app is available on the new Galaxy S6 and S6 Edge devices.