The mobile payments race is finally heating up. And Samsung may just have a secret weapon up its sleeve.
Samsung has fully detailed its new mobile payments system which will be called Samsung Pay. Much like Google Wallet and Apple Pay, Samsung Pay will utilize NFC technology wherever NFC terminals are located. But that’s just half of how Samsung plans to get the world using its phones to make purchases. Thanks to its acquisition of LoopPay, the Galaxy S6 and Galaxy S6 Edge both feature Magnetic Secure Transmission (MST) technology that will allow Samsung’s flagships to digitally replicate an old fashioned magnetic card to pay at the over 30 million already existing magnetic card readers worldwide.
Security wise, Samsung will rely on KNOX, ARM TrustZone technology, tokenization (instead of actual card numbers) and fingerprint scanners to keep your information secure. And as for financial partners, Samsung is working with MasterCard, Visa, American Express, Bank of America, Citi, JPMorgan Chase, and US Bank.