Samsung Pay, the Korean company’s mobile payment solution, is slowly making its way to mobile markets across the globe. This innovative service allows users to make payments using their Samsung smartphones, providing a convenient and secure alternative to traditional payment methods.
Recently, the company launched Samsung Pay in the United Arab Emirates in collaboration with Mashreq Bank, making it the first financial institution in the region to offer access to the mobile payment service. This launch marks a significant milestone for Samsung Pay as it continues to expand its global footprint.
“We thank Mashreq for its endorsement of our solution as the first Bank in the region to have early access to Samsung Pay as we expand the reach of Samsung Pay globally and realize its full potential for the consumer,” said Mohammad Gharaibeh, Head of B2B, IT and Mobile (IM) Division, Samsung Gulf Electronics.
How Samsung Pay Works
Mashreq Bank’s credit and debit card holders can use the service to pay at any merchant across the country where they can pay by card. Samsung Pay supports both Near Field Communication (NFC) and Magnetic Secure Transmission (MST) technologies, so it works with conventional card readers present at retailers. This dual technology support ensures that Samsung Pay can be used almost anywhere, making it a versatile payment solution.
NFC technology allows for contactless payments by simply tapping the phone near a compatible terminal. MST, on the other hand, emits a magnetic signal that mimics the magnetic strip on a traditional card, allowing it to work with older card readers that do not support NFC. This combination of technologies gives Samsung Pay a distinct advantage over other mobile payment solutions that rely solely on NFC.
Device Compatibility and Security
Customers using Galaxy S7, Note 5, S6 series, Galaxy A5 (2016), and Galaxy A7 (2017) will be able to use the service. Samsung has ensured that a wide range of its devices are compatible with Samsung Pay, making it accessible to a large number of users.
Security is a top priority for Samsung Pay. The service uses tokenization, which replaces sensitive card information with a unique identifier or token. This means that actual card details are never stored on the device or shared with merchants. Additionally, Samsung Pay requires authentication through fingerprint, PIN, or iris scan before a transaction can be completed, adding an extra layer of security.
Samsung Pay also includes Samsung Knox, a security platform that provides real-time protection against malware and other threats. Knox continuously monitors the device for any suspicious activity, ensuring that users’ payment information remains secure.
Global Expansion and Future Prospects
The launch of Samsung Pay in the UAE is part of Samsung’s broader strategy to expand its mobile payment service globally. The company has already introduced Samsung Pay in several countries, including the United States, South Korea, China, and Spain. Each new market presents unique challenges and opportunities, and Samsung is committed to working with local financial institutions and merchants to ensure a smooth rollout.
In addition to expanding its geographical reach, Samsung is also continuously working on enhancing the features and capabilities of Samsung Pay. Future updates may include support for additional devices, integration with loyalty programs, and new payment options such as peer-to-peer transfers.
The success of Samsung Pay in the UAE could pave the way for further expansion in the Middle East and other regions. As more consumers become familiar with the convenience and security of mobile payments, the demand for services like Samsung Pay is likely to grow.
Source: SamMobile
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