Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. The service supports contactless payments using near-field communications, but also incorporates magnetic secure transmission that allows contactless payments to be used on payment terminals that only support magnetic stripe and normal contactless cards.
The service was launched in South Korea on August 20, 2015 and in the United States on September 28 of the same year. In 2016 at the International Consumer Electronics Show (CES 2016), the telecommunications company announced that Samsung Pay would be coming soon to a variety of banks in Australia, Brazil, Spain and Singapore.
Video Samsung Pay
Service
Samsung Pay was developed from the intellectual property of LoopPay, a crowdfunded startup company that Samsung acquired in February 2015. The service supports both NFC-based mobile payment systems (which are prioritized when support is detected), as well as those that only support magnetic stripes. This is accomplished via technology known as "Magnetic Secure Transmission" (MST), which transmits card data to a payment terminal's swipe slot using an electromagnetic field, causing the terminal to register it as if it were a normal magnetic stripe. LoopPay's developers stated that because of this design, the technology would work with "nearly 90%" of all point-of-sale units in the United States (which excludes terminals that require the card to be physically inserted into a slot in order to function).
On phones, the Samsung Pay menu is launched by swiping from the bottom of the screen. Different credit, debit and loyalty cards can be loaded into the app, and selected by swiping between them on-screen.
In South Korea, Samsung Pay can be used for online store payments and to withdraw money on selected banks' ATMs.
In Hong Kong, Samsung Pay can be linked with Octopus cards, called Smart Octopus, to make electronic payments with stored value service for payments in online or offline systems.
Maps Samsung Pay
Security
Samsung Pay's security measures are based on Samsung Knox and ARM TrustZone technologies; credit card information is stored in a secure token. Payments must be authenticated using a fingerprint scan.
In August 2016, security researcher Salvador Mendoza disclosed a potential flaw with Samsung Pay, arguing that its security tokens were not sufficiently randomized and could become predictable. He also designed a handheld device that could be used to skim magnetic secure transmission tokens, and another which could spoof magnetic stripes on actual card readers using the token. Samsung responded to the report, stating that "If at any time there is a potential vulnerability, we will act promptly to investigate and resolve the issue".
Availability
In May 2016, it was reported that Samsung was developing a spin-off of the service known as Samsung Pay Mini. This service will be used for online payments only, and is also being targeted as a multi-platform service.
In January 2017, Samsung has confirmed that Samsung Pay Mini will not only work on its Galaxy devices, but on other Android phones as well, as long as they are running Android Lollipop or above and have a screen resolution of 1280 × 720 pixels or higher.
In June 2017, Samsung launched Samsung Pay Mini and currently available on Galaxy J7 Max/On Max (in India)
Samsung Pay may be finally launched in Italy at the beginning of 2018. However, there is still no official response from Samsung team.
Compatible devices
Flagship smartphones
Galaxy S
- Samsung Galaxy S6 (including S6 Edge, Active, and Edge+; S6, S6 Edge and S6 Active; currently limited to some markets)
- Samsung Galaxy S7 (including S7 Edge and Active)
- Samsung Galaxy S8 (including S8+ & Active)
Galaxy Note
- Samsung Galaxy Note 5
- Samsung Galaxy Note 7 (discontinued)
- Samsung Galaxy Note FE
- Samsung Galaxy Note 8
Mid-range smartphones
Galaxy A
- Samsung Galaxy A5 (2016)
- Samsung Galaxy A7 (2016)
- Samsung Galaxy A8 (2016) (available to Samsung Pay users in South Korea)
- Samsung Galaxy A9 (2016) (available to Samsung Pay users in Brazil and China)
- Samsung Galaxy A9 Pro (2016) (available to Samsung Pay users in Brazil, China, India and South East Asia)
- Samsung Galaxy A3 (2017) (available to Samsung Pay users in most countries, excluding Europe)
- Samsung Galaxy A5 (2017)
- Samsung Galaxy A7 (2017)
Galaxy J
- Samsung Galaxy J5 & J7 (2016) (only available in selected countries)
- Samsung Galaxy J5 (2017)/J5 Pro (only available to selected countries)
- Samsung Galaxy J7 (2017)/J7 Pro (only available to selected countries)
Galaxy C and others
Available to Samsung Pay users within China.
- Samsung Galaxy C5 and C5 Pro
- Samsung Galaxy C7 and C7 Pro
- Samsung Galaxy C9 and C9 Pro
- Samsung Galaxy On5 (2016) (also known as Galaxy J5 Prime in other countries)
- Samsung Galaxy On7 (2017) (also known as Galaxy J7 Prime in other countries)
- Samsung W2017 (non-Galaxy smartphone)
Smartwatches
- Samsung Gear S2 (NFC only)
- Samsung Gear S3 (NFC and MST)
See also
- Android Pay
- Apple Pay
- Microsoft Pay
- LG Pay
- Pay with Google
References
Source of article : Wikipedia
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