Samsung Pay was expected to make its debut in the UK last year but it got postponed. Now, the company representatives have hinted that contactless payment service may launch in the nation around May 16th.
Samsung has not released an official statement yet. The app is expected to be compatible with various smartphone models of Samsung, namely, Galaxy S8, Galaxy S7 Edge, Galaxy S7, Galaxy S6 Edge Plus, Galaxy Note 5, Galaxy S6 Edge, Galaxy S6 Active, Galaxy S6, Gear S2 (with NFC only) and Gear S3.
Samsung Pay is a mobile payments service that enables users to make safe payments through mobile handsets at participating vendor shops. Initially, the app was to be enabled only on Samsung devices, however, the company has decided to take on competitors Apple Pay and Android Pay. Not surprisingly, the Samsung Pay Mini app was rejected from Apple’s App Store but is still projected to be launched on the Android PlayStore.
The biggest advantage of the payment service is that it has NFC (Near-Field Communications) and is MST (Magnetic Secure Transmission) technology enabled. Both of these technologies enable you to make payments using different Samsung devices be it a smartphone, smartwatch, or a tablet.
The inclusion of MST technology has made Samsung Pay a universal solution, compatible with checkout terminals that use either NFC or magstripes such as those found on debit and credit cards. MST is also safer than the typical credit card transaction as the physical card need not be there with you at the time of transaction. According to Samsung, this inclusion ensures that Samsung Pay could be accepted at 30 million merchant locations around the world.
Samsung has currently partnered with Visa and Mastercard and is looking to involve other major banks. Samsung Knox and ARM TrustZone are responsible for the payment security, both of which actively prevent fraud and data theft. Payment information is stored securely with sensitive data being replaced with unique tokens on the mobile device. According to JK Shin, the CEO and head of IT and mobile communications at Samsung,
Samsung Pay will reinvent how people pay for goods and services and transform how they use their smartphones. The secure and simple payment process, coupled with our robust partner network, makes Samsung Pay a truly game-changing service that will bring value to consumers and our partners in the ecosystem.
Samsung Pay is currently available in 14 countries including Australia, Brazil, Canada, China, Russia, Malaysia, Puerto Rico, Singapore, South Korea, Spain, Thailand, and the United States. In addition, the service was recently launched in four new markets, including the Nordics and the Middle East.