Following the footsteps of Apple and Google, the talk about Samsung’s Mobile Payment Platform has been going around for some time. Now the latest update has indicated testing of its trial version in South Korea. Named as Samsung Pay, this service is currently available only to a handful of Galaxy S^ and S6 Edge smart phone users.
An official release has not yet been mentioned, but the chances of a September release in the U.S are high. Sources say that Samsung is getting closer to what Apple Pay has achieved.
It works just like Apple Pay and yet to be released Android Pay. "When it is time to pay, just launch the app, hold your Samsung device near the credit card terminal and authorize it with the touch of your finger," Samsung wrote in a blog post.
But it could be said that Samsung will be step ahead with the release of this service. While Apple Pay and Android Pay use the Popular NFC (Near Field Communication) to enable, Samsung Pay has the additional advantage of MST (Magnetic Secure Transmission). This is similar to the magnetic strips on traditional credit cards.
This will help Samsung leap over roadblocks that prevent the use of NFC at point-of-sale (POS) terminals. MST is supported at almost every terminal that allows the use of credit cards. This could be well enough to help Samsung be a step ahead of Apple and Google in the still young mobile payments space.
What’s more interesting is that the timing of Samsung's launch seems relatively fast compared to its competitors. The company acquired the mobile payments company LoopPay in February.