Samsung Pay
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| Developer(s) | Samsung Electronics |
|---|---|
| Initial release | August 20, 2015 |
| Operating system | Android |
| Platform | Selected Samsung Galaxy smartphones and Gear smartwatches |
| License | Proprietary |
| Website |
samsung samsung |
Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. The service supports contactless payments using near-field communications, but also incorporates an electromagnetic transmission system that allows contactless payments to be used on payment terminals that only support magnetic stripe cards.
The service was launched in South Korea on August 20, 2015 and in the United States on September 28 of the same year. In 2016 at the International Consumer Electronics Show (CES 2016), the telecommunications company announced that Samsung Pay would be coming soon to a variety of banks in Australia, Brazil, Spain and Singapore.
Samsung Pay was developed from the intellectual property of LoopPay, a crowdfunded startup company that Samsung acquired in February 2015. The service supports both NFC-based mobile payment systems (which are prioritized when support is detected), as well as those that only support magnetic stripes. This is accomplished via technology known as "Magnetic Secure Transmission" (MST), which transmits card data to a payment terminal's swipe slot using an electromagnetic field, causing the terminal to register it as if it were a normal magnetic stripe. LoopPay's developers stated that because of this design, the technology would work with "nearly 90%" of all point-of-sale units in the United States (which excludes terminals that require the card to be physically inserted into a slot in order to function).
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