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During the announcement event for the Samsung Galaxy S6 and Galaxy S6 Edge, the South Korean giant introduced a new payment platform to take on Apple and Google.
It’s called Samsung Pay — based on the recently acquired LoopPay — and it will use the NFC + Magnetic Secure Transmission chips found inside the company’s latest smartphones to facilitate wireless transactions with a great deal of pre-existing point-of-sale terminals. Samsung’s chip will allow their payment service to be compatible with more merchants and banking institutions than any other single service. Here are just a few of the partners they’ve gotten on board on the banking side:
- Visa
- Mastercard
- American Express
- Bank of America
- Citi
- Chase
- U.S. Bank
Not too shabby a list there.
They’ve taken a lot of pride in the strides made in areas of security, as well. The company has incorporated new elements into Samsung KNOX that will serve as the backbone of the secure payment platform.
The use of temporary tokens makes it so that your hard credit card information is not mishandled by whichever merchants you do business with, and your information doesn’t get saved to your device which would make it hard for any thieving no-gooders to somehow snag your credit card information from your phone.
It all sounds very promising, but we’ll have to wait until the service launches before seeing just how much potential Samsung has to impact the wireless payments scene.
The first markets to receive it will be South Korea and the United States this summer, with Samsung looking to extend into parts of Asia and EU before too long. Anyone with a Samsung Galaxy S6 and Samsung Galaxy S6 Edge will be able to give it a go once it hits their market.
Was there any demo available?
This could be a game changer. The finger print scanner needs to be on point tho. If they implement this correctly it would be awesome.
yeah it is just like touchID. I can see them stealing lot of apple customers.
I’m very excited about this. I’m with TD Bank, so I will be able to enter my TD Bank debit card info and use it at Walmart, Walgreens, and supermarkets, frinkin awesome!
Just think what you could do with a couple of bucks of cash in your pocket!!!
Just kidding around. This stuff isn’t safe.
Cash is the least safe of all. It can easily be lost…or STOLEN. You have zero protections. Hush.
Don’t be a silly little girl.
Deflect much?
Only when I don’t want to tell a story. Sorry.
There is no story that could defend carrying cash. That is a terrible idea, with zero protections.
Sorry, I’ve been big, mean and ugly looking for so long I forget how easy it is for me. I’ve also forgotten what it’s like to live in a civilized society where you can walk around with your $700 cell phone in one hand oblivious to the world around you and not think that’s a bad idea too. lol
That $700 phone is protected by lock, and wallet apps protected by PIN, if you so choose. I would think losing irreplaceable cash would be a worse idea. My renters insurance protects my phone against being lost or stolen. Many people use device insurance to cover that as well. So, you tell me what’s better. Replaceable phone, or irreplaceable cash?
They don’t care about your protections in this case they are still going to sneak up behind you and steal your phone and knock you sillier. Just kidding about the sillier.
I keep a very low and low tech profile when it comes to finances. I probably have more to lose than you and I’m not nearly as trusting in technology.
As suspected, you are one of the foil hat wearing people. That’s OK, but don’t expect people to buy the idea that cash is better.
I’m talking a couple hundred bucks hard head. More than enough to do what you need to do at the grocery or CVS. You just like to show off you new iPhone. I get it. Look out behind you????
That’s a couple of hundred dollars that you can’t replace. I have a Note 4, so yeah.
I-RIGHT-I, Have I got the solution for you! For only $19.99 a month you TOO could enjoy all the benefits and security of CASHURANCE! Put your mind at ease! Sleep better! Call to insure Your cash NOW!
*Sings* Call 867-5309 for your money’s sake – we have a jingle so you know we’re not fake!
Couldn’t resist… :B
Good one. That’s a better price than my plan A. Plan A is 10mm. It costs a couple of bucks every time you shoot somebody!
Feed the trolls all-day-loooong
Troll-lol-lol-lol-lol-lol
Just trying to get the kid squared away Partner. Don’t be so hard on him.
I was actually referring to you :P
You’re both right in your own ways. See, should payment networks go down, and I’ve been in that situation, suddenly your phone’s Tap-and-Pay system is as worthless as your credit and debit cards. On the other hand, cash is much easier to use than PIN/password-secured payment forms on encrypted devices (presuming a person takes the time to do those), and easier stolen. Whereas a credit/debit card gives someone almost unfettered access to your accounts, the phone is inherently more secure than that. But the phone itself has its own value which leads it to potentially be stolen.
I know you were. I’m old fashioned for a reason, I’m old. lol I hate electronic banking. The systems are flawed and the people are stupid. Last year I got an insufficient funds bill because an ACH payment request came into my checking account for $400K. They acted like it was no big deal. Good thing I don’t keep $400K in my checking account.
I keep two cards active both are protected and have fairly low limits. I also write checks and keep the checkbook balanced.
I’m also a Tea Party guy so I’m on the US Government terrorist watch list or something and I get audited every year. It’s very easy to freeze all your accounts and all you have to do is pee off the wrong government bureaucrat. One day cash again will be king. I’m just ahead of the curve as usual.
TD is on the list? I didn’t see them.
most bank cards are linked with visa or mastercard, so as long as they are supported, your bank card would be too.
I would hope so.
Will this work on the Note 4?
yeah probably. it has nfc and crapwhiz… note 4 user :)
The new tech they got from loop doesn’t use NFC, it uses MST. I’m sure the samsung wallet will support NFC for non-MST devices.
Wow, Samsung Pay what a creative name.