Samsung were supposed to launch their Samsung Pay mobile payment system in the UK before the end of the year, the launch of the service has now been delayed until 2017.
Samsung Pay is currently available in the US and South Korea and Samsung had said that it would launch in the UK in 2016.
Reasons for the Delay
It has now been revealed that we will have to wait until next year to get Samsung Pay in the UK and the delay is apparently down to negotiations with a number of banks in the UK. These negotiations are crucial as they involve ensuring compatibility with the various banking systems and securing agreements on transaction fees and other financial details. The UK banking sector is known for its stringent regulations and diverse range of financial institutions, which can complicate the rollout of new financial technologies.
“Following successful launches of Samsung Pay around the world, we are planning to launch the service in the UK in 2017,” Samsung said.
What is Samsung Pay?
Samsung Pay is a mobile payment service that allows users to make payments using their Samsung smartphones. It uses both Near Field Communication (NFC) and Magnetic Secure Transmission (MST) technologies, making it compatible with a wide range of payment terminals. This dual-technology approach sets Samsung Pay apart from other mobile payment systems like Apple Pay and Google Wallet, which primarily rely on NFC.
The service also includes features like Samsung Rewards, which offers points for every purchase made using Samsung Pay. These points can be redeemed for various rewards, adding an extra incentive for users to adopt the service. Additionally, Samsung Pay supports membership cards, gift cards, and even transit cards in some regions, making it a versatile tool for everyday transactions.
Global Success and Future Prospects
Samsung Pay has seen significant success in markets where it has already been launched. In South Korea, for example, the service quickly gained popularity due to its ease of use and wide acceptance. In the United States, Samsung Pay has been praised for its security features, which include tokenization and biometric authentication, such as fingerprint and iris scanning.
As yet there are no details on exactly when Samsung Pay will be made available in the UK, as soon as we get some more information, we will let you guys know. The delay, while disappointing, is not entirely unexpected given the complexities involved in launching a new financial service in a highly regulated market. However, the successful launches in other countries suggest that once these hurdles are overcome, Samsung Pay could become a popular payment option in the UK as well.
In the meantime, UK consumers have other mobile payment options available, such as Apple Pay and Google Wallet. However, the unique features of Samsung Pay, particularly its compatibility with a broader range of payment terminals, could make it a strong competitor once it finally launches.
Source The Telegraph
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