As rumoured, Samsung introduced the Samsung Pay service that will work with the recently announced Galaxy S6 and the Galaxy S6 edge. The Samsung Pay mobile payment service takes advantage of LoopPay’s technology, which Samsung acquired last month and allows users to pay through NFCs or a regular point-of-sale terminal using Magnetic Secure Transmission from their mobile devices.
Samsung says they’ve partnered with MasterCard and Visa and are working to expand the ecosystem with American Express, Bank of America, Citi, JPMorgan Chase, and U.S. Bank.
Samsung claims Samsung Pay can work with up to 30 million merchants worldwide, making it one of the widely accepted mobile payment system and is more secure than a physical card as it requires a fingerprint sensor to process the payment.
Samsung Pay will initially be available in the United States and Korea and expand to Europe and China thereafter.
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