Samsung announced that they will be implementing Samsung Pay as well as releasing Galaxy Note 5 at IFA 2015 on September. Samsung Pay will also work with magnetic strip readers.
Samsung Pay
During the Mobile World Congress 2015, Samsung announced their latest mobile payment Samsung Pay together with Galaxy S6 and S6 Edge. Both devices have NFC that could be used along Samsung Pay.
The key difference of Samsung Pay with Apple Pay is that "rather than limiting transactions exclusively to NFC, Samsung Pay will also work with magnetic strip readers - old technology which is available in virtually every shop that accepts card payments. It's a new propriety technology called Magnetic Secure Transmission, or MST for short." said PC Advisor.
In the Samsung Pay app, Galalxy S6 and S6 Edge owners can add their cards (including Private Label Credit Cards) in order to choose which card to use when paying for certain goods. To complete a purchase, users will have to launch the app first through swiping up from their device's screen bezels, choose which card to use, authenticate the buy through the fingerprint reader, and tap their phone to the card reader.
In order to make their mobile payment more accessible, Samsung partnered with MasterCard, Visa, as well as acquiring Loop Pay. The payment system will be implemented at least September.
However, it should be noted that, in the mean time, Samsung Pay only works with Galaxy S6, S6 Edge, and in the upcoming Note 5. Nevertheless, it is likely to expand in older devices.
"The new service will likely be deployed on its next Galaxy Note device. They key is how fast Samsung will be able to expand the service to lower-end devices," said analyst at Daishin Securites Co. Claire Kim as cited in Recombu.
Samsung Galaxy Note 5
The release date of the Samsung Galaxy Note 5 was said to be hinted, as what others call, "accidentally" from a Samsung executive while announcing Samsung Pay's delay.
"Samsung Pay will debut in the U.S. and South Korea in conjunction with the company's next high-end mobile device, Executive Vice President Rhee In Jong said during an investor call Wednesday. The company previously said the service would start as soon as July," reported Bloomberg Business.
The high-end mobile device is speculated to be, none other than, the Galaxy Note 5.
With that, September is the game time for Samsung Galaxy Note 5 and Samsung Pay.
Join the Conversation