Samsung’s Pay service was announced a few months back but Samsung will only start rolling it out later next week. At the Unpacked event yesterday, Samsung announced the rollout of the service from August 20 in South Korea followed by the US on September 28. UK, Spain and China will get it at a later date.
Samsung Pay counters Apple Pay service with a two-pronged approach. A consumer can use NFC to carry out a payment or use the built-in MST (Magnetic Secure Transmission). The advantage of Samsung Pay with MST is that the service is supported by many point-of-sale terminals without the store having to invest in anything extra.
The payment is also secure with the fingerprint sensor, tokenization and Samsung KNOX.
Samsung Pay will support cards from American Express, Discover, MasterCard and Visa in the US and Samsung Card, Shinhan Card, KB Kookmin Card, Hyundai Card, Lotte Card, NH Nonghyup Card, BC Card, Hana Card, Woori Card and Citi Card in South Korea.