What is this?
Samsung Pay, the device maker’s answer to Apple Pay has launched in the US today. It has launched earlier in South Korea where it raised over $30 million dollars in transaction sales.
Samsung Pay works in Samsung mobile devices or through a magnetic stripe card. Samsung Pay uses what’s known as “tokenization.” Every time you make a payment, your actual credit card information isn’t sent to the terminal, rather your phone will use a temporary one that the credit card company creates for you.
The payment technology only works for now on Samsung S6, S6 Edge, S5 Edge Plus and Galaxy Note 5.
Why is this important?
This offers new options for consumers to conveniently arrange paying methods by using their smart phones so this is another huge milestone to the mobile industry. Also this new development sounds promising, it also has its limits. Verizon has yet to support this payment technology as they are still “in the process of evaluating Samsung Pay”
Samsung Pay will arrive also China, Spain and in the UK in the future.