Samsung has launched Samsung Pay, a mobile payment service set to work on its Galaxy S6 and Galaxy S6 edge and will initially be available in the United States and Korea this coming summer and expand to other regions, including Europe and China.
Samsung Pay will take on Apple Pay and Google’s planned mobile payment service.
According to the firm, Samsung Pay leverages both Near Field Communication (NFC) and a new proprietary technology called Magnetic Secure Transmission (MST) to make mobile payments more accessible and is targeting 30 million merchant locations worldwide. Samsung Pay users can pay both NFC or traditional magstripe terminals.
Samsung Pay app authenticates with the fingerprint sensor and will use Samsung KNOXTM and ARM TrustZone to protect transaction information from fraudsters and data attacks. Samsung’s Find My Mobile feature enables users to locate, lock and even wipe their devices remotely incase a device is stolen.