Samsung has recently announced its new mobile payment system called ‘Samsung Pay’ for its upcoming phones Galaxy S6 and Galaxy S6 Edge. These phones will be launched on April 10, however, the system will go live only in the second half of 2015.
Samsung has been working on its pay system technology from the time it acquired LoopPay. LoopPay already had a system, which was compatible with 90% of credit card stripe-reading materials.
As of now, it doesn’t seem that Samsung Pay will offer much to its users, however, Apple provides a software development kit and other resources to developers who wish to embed the payment system into their apps.
When it comes to retail stores, Samsung Pay will be enjoying one-upmanship over Apple. As Apple Pay needs near-field communication to function, Samsung Pay links to any terminal with a standard magnetic stripe credit card reader or with NFC if the business is already using it.
For security, Samsung Pay will use Samsung KNOX, the company’s in-house mobile platform, as well as fingerprint scanning and advanced tokenization.
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