According to an executive from Samsung, Samsung Pay could be heading to other devices.
Samsung Pay is Samsung’s alternative to Apple and Android Pay, and just like them it uses NFC (Near Field Communication) and Magnetic Secure Transmission (MST) to to make mobile payments more accessible to merchants and consumers.
The inclusion of MST makes Samsung Pay more accessible, consumers can use Samsung Pay in merchant locations regardless of whether the terminals support NFC or traditional magstripe, which is the vast majority of existing terminals. This gives Samsung Pay a huge advantage as you will be able to pay in more more stores than you would with Apple Pay.
“Rather, it is a competition with the plastic card. More and more, all the plastic cards – gift cards, membership cards and the like – will go inside mobile. Our wallets will get thinner. Samsung Pay and wallets will compliment each other, and this will create new value, and become a tool that makes ecommerce much easier” said Samsung Executive Injong Rhee.
Samsung Pay is already available in South Korea and the US, a UK release is due and will be announced shortly in the future.
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Via Phone Arena.
