The service uses NFC and mag stripe technology to achieve its ends, and Samsung has partnered with Mastercard and Visa, meaning it should be pretty widely accepted, which has previously been a barrier to mobile payments until now. This mobile payments highlighted its simplicity and security of transactions, electronic commerce as key in the coming years and know brands. Samsung said it had the potential to be accepted in 30 million stores today.
Samsung has not ventured alone in this project, but has sought partners like MasterCard or Visa level, to facilitate deployment by payment networks and financial partners including American Express, Bank of America, US Bank and many others.
In order to use it, you’ll need to just add a payment card to the app, and then swipe up from the bezel to choose your saved card. The whole process is authenticated using the fingerprint sensor built into the S6 and S6 Edge.
The service is set to go live this summer in the US and Korea, and will then head to Europe.
The new Galaxy S family is now official with the S6 and S6 Edge , but have not come alone. Samsung today announced its own new mobile payment service called Pay, which will allows users to make payments in-store in place of their usual payment cards.