Rumors are all set in for Samsung pay to be soon launched in Australia. It is expected to release on June 15th this year in a partnership with American Express. A payment rival of Apple Pay, Samsung Pay is planning its presence in more areas like Spain, UK, Brazil and China. This is all after the success of its launch in South Korea last year and US in September this year. It is also expected to release in Singapore in a partnership with Citibank. The other partners include Amex and CBA.
Samsung Pay means that the smartphone can be used as a credit/debit card to make payments. This service is based on mobile wallet technology. This technology was developed by a US company Loop Pay, which Samsung eventually acquired.
Samsung Pay seems to be safer than other mobile payment services in a way because there are three levels of security, which include, fingerprints/4-digit pin, tokenization and software called Knox which scans the security of your device and if found insecure, it can permanently disable Samsung Pay. The point of difference between Apple and Android Pay and Samsung is that Samsung Pay incorporates Magnetic Secure Transaction (MST) technology, which is similar to the magnetic strip on credit cards for swiping. This means that Samsung Pay can be used at every terminal. This is one thing that sees Samsung Pay above its competitors.
The devices compatible to Samsung Pay include Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge +, Galaxy S7, S7 Edge, Galaxy Note 5, Galaxy A5 and Galaxy A7. It will also be available on Samsung’s Gear S2 Smartwatch.