When the Samsung Galaxy S6 and Galaxy S6 Edge were announced earlier this month Samsung also announced their new mobile payment system, Samsung Pay.
Samsung Pay is powered by the technology that the company acquired when they purchased LoopPay and now Samsung has released more details about their new mobile payment service.
Samsung Pay will be launched later this year in the US and South Korea and the system will allow for mobile payments on the Galaxy S6 and S6 Edge and now Samsung has provided more information on how the system will work.
Samsung has partnered with MasterCard, Visa, Synchrony, as well as a growing number of banks and credit unions to offer debit, credit, and private label cards on Samsung Pay. At the cash register, users will pull up the Samsung Pay app by swiping upward, select a card, authenticate the their identity using a fingerprint, and then tap the device on the point of sale terminal. For traditional magnetic stripe readers, users will tap their phone on top of the card reader slot. The Magnetic Secure Transmission (MST) technology sends a signal to the card reader which emulates a physical card swipe. The process for NFC payments is virtually identical, with users simply required to tap their phone near the NFC receiver.
The company has yet to give an exact release date for their new mobile payment system, as soon as we get some more details on a launch date, we will let you guys know.