Samsung Pay

Samsung Pay is a mobile payment system developed by Samsung Electronics in collaboration with Visa, Mastercard, and American Express. It was first introduced in South Korea in 2015 and later expanded to other countries, including the United States, China, and Australia. The service allows users to make payments using their Samsung Galaxy smartphones, Samsung Gear smartwatches, and other compatible devices, such as the Samsung Galaxy Watch and Samsung Galaxy Buds. This technology is also supported by Google Play, Apple App Store, and other digital distribution platforms.

Introduction

The introduction of Samsung Pay marked a significant milestone in the development of mobile payment systems, following the launch of Apple Pay by Apple Inc. in 2014. Samsung Electronics partnered with major banks, such as Bank of America, JPMorgan Chase, and Wells Fargo, to enable users to link their credit and debit cards to the service. The system uses Near Field Communication (NFC) technology, similar to Google Pay and Apple Pay, to facilitate transactions. Additionally, Samsung Pay supports Magnetic Secure Transmission (MST) technology, which allows it to work with older payment terminals that do not support NFC, making it compatible with a wide range of merchants, including McDonald's, Starbucks, and Walgreens.

History

The development of Samsung Pay began in 2014, when Samsung Electronics acquired LoopPay, a mobile payment startup founded by Will Graylin and George Wallner. The acquisition enabled Samsung Electronics to integrate LoopPay's MST technology into its mobile payment system. In 2015, Samsung Pay was launched in South Korea, followed by its introduction in the United States in September 2015. The service was later expanded to other countries, including China, Australia, and Canada, in partnership with local banks, such as Industrial and Commercial Bank of China, Commonwealth Bank, and Royal Bank of Canada. The launch of Samsung Pay was also supported by major payment processors, such as First Data and VeriFone Systems.

Features

Samsung Pay offers a range of features that make it a convenient and secure mobile payment system. Users can add their credit and debit cards to the service, as well as their loyalty cards and gift cards, from merchants such as Target Corporation, The Home Depot, and Kohl's. The system also supports in-app payments, allowing users to make purchases within mobile apps, such as Uber, Grubhub, and Airbnb. Additionally, Samsung Pay offers a rewards program, which allows users to earn points and discounts on their purchases, similar to programs offered by Chase Bank and Citi. The service is also integrated with Google Maps and Waze, making it easy for users to find nearby merchants that accept Samsung Pay, such as 7-Eleven, CVS Pharmacy, and Best Buy.

Security

The security of Samsung Pay is ensured through the use of tokenization and encryption. When a user adds a credit or debit card to the service, the actual card number is not stored on the device. Instead, a unique token is generated, which is used to facilitate transactions. The system also uses biometric authentication, such as fingerprint recognition and iris scanning, to verify the user's identity, similar to the security features used by Facebook, Amazon, and Microsoft. Additionally, Samsung Pay is protected by Knox, Samsung Electronics's security platform, which provides an additional layer of security and protection against malware and hacking attempts, such as those launched by Anonymous and LulzSec.

Availability

Samsung Pay is available in a number of countries, including the United States, South Korea, China, Australia, and Canada. The service is supported by a range of devices, including Samsung Galaxy smartphones, Samsung Gear smartwatches, and other compatible devices, such as the Samsung Galaxy Tab and Samsung Galaxy Note. Users can download the Samsung Pay app from the Google Play store or the Apple App Store, and link their credit and debit cards to the service. The availability of Samsung Pay has also been expanded to include support for wearable devices, such as the Samsung Galaxy Fit and Samsung Galaxy Watch Active, and IoT devices, such as Samsung SmartThings.

Compatibility

Samsung Pay is compatible with a wide range of devices, including Samsung Galaxy smartphones, Samsung Gear smartwatches, and other devices that support NFC and MST technology. The service is also compatible with a range of payment terminals, including those that support NFC and MST. Users can make payments using Samsung Pay at a variety of merchants, including retail stores, restaurants, and gas stations, such as ExxonMobil, Chevron, and Shell Oil Company. The compatibility of Samsung Pay has also been expanded to include support for public transportation systems, such as the New York City Subway and London Underground, and parking meters, such as those used by ParkMe and ParkMobile. Category:Mobile payments