Mobile payments is a growing market, and OEMs are trying to replace wallet with smartphones. Most of them use same NFC standard to communicate with payment terminal.
NFC requires retailer to upgrade their hardware to accept the payment. While Samsung Pay will run with any payment terminal that accepts contactless or swiping the card with through the reader, that's because Samsung Pay supports MST- Magnetic Secure Transmission - alongside NFC.
Samsung is growing faster than Apple pay and Android pay both of them uses NFC payment terminal, but they both have more bank supports than Samsung Pay. Samsung need to increase the supported banks, although Samsung Pay supports in a much wider range of retailers.
Where is Samsung pay is available?
Samsung is currently available in South Korea and US. Samsung will launch its pay services to China, Australia, UK, Brazil, Canada, Singapore, Spain later in 2016.
What do I need?
Samsung Pay works on hing-end Samsung phones: S6,S6 Edge,S6 Edge+,
Note 5 and the upcoming S7, S7 edge.
You need one of these carrier in US: AT&T, Sprint, US Cellular, T-Mobile, Verizon.
List of Supported Banks:
- Bank of America
- Citibank
- Chase
- US bank
- Well Fargo
- American express
A total 10 cards can be added to Samsung Pay. This smart technology was developed by LoopPay, which was acquired by Samsung in early 2015. Samsung has promised to bring its Pay services to upcoming affordable phones in 2016.
How it is differ from Apple Pay and Android Pay?
Samsung Pay works with almost all stores that accept credit and debit cards, in other hand Apple Pay and Android Pay works with only on those stores who have tap-to-pay NFC Terminals.