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Samsung Starts Testing Its Apple Pay Competitor In Korea

Samsung, Samsung Pay
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While Samsung had already announced its plan to tap into payment services any soon, the company has started the test phase of Samsung Pay for select Galaxy S6 and S6 Edge owners on its home turf, Korea and would roll out the service globally once it receives an audience approval in its home country.

Samsung earlier announced that it has acquired LoopPay, the company behind perhaps one of the closest Apple Pay competitor tech, and which works with most of the high-end non-Apple devices.

Samsung Pay combines NFC with technology that the company picked up with its acquisition of LoopPay. With this tech, Samsung’s phones can communicate with magnetic stripe card readers, just like Apple Pay.

Samsung began beta testing its mobile payments platform on July 15 with 1,000 testers and is getting all set for a worldwide launch.

Samsung is, right from the start, boasting of how easy it is to use its mobile payment system. Loading card details on Samsung Pay service is not at all a hectic task. Go to Samsung Pay card registration window and place the physical card face up in front of your phone’s camera, and you will be good to go.

 It can store up to 10 cards and if you happen to have a bunch of them. You can easily select your preferable card by swiping left or right. Once you choose your card , you can choose to either input a password or place one of your fingers on the fingerprint scanner embedded in the home button, depending on how you set up the card during registration.

Samsung says that its Payment service uses a high level of encryption to ensure all transaction are secure. It does not store card number in your device. Instead, it is converted to a unique, encrypted token, through which your bank will be able to link to your card.

It is yet to see how big impact Samsung makes in Korea with its new mobile payment service. On the other hand, Apple Pay does not seem to be loosing its momentum and is still marching ahead with further foreign expansion, the latest of them being in the U.K.


Senior Writer

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