Samsung Pay will be launched in South Korea on August 20 and then the US in September, the tech giant has revealed. The UK will then follow before the rest of Europe.
Unlike its rival, Samsung Pay uses a LoopPay technology called Magnetic Secure Transmission, that works by holding the phone near a traditional card swipe reader, essentially making it backward compatible for nearly all payment terminals.
“We set out to develop a solution that’s simple, safe and open to all businesses large and small, not to mention fun to use,” said head of Samsung Pay Injong Rhee at the company’s Galaxy Unpacked event in New York City.
In a three-pronged security system, payments are protected by biometrics security, that requires the user to go through fingerprint authentication for every transaction, and then a system called Knox, which deactivates the operating system if any malware or hacking is detected on the device. Thirdly, no card details are stored by Samsung or on the device.
The South Korean company this week announced on Thursday a wide range of new partnerships for Samsung Pay, including major credits cards, banks and store-branded credit cards. Such partnerships include American Express, Visa, Mastercard, Bank of America, Chase and US Bank.