Now that mobile wallets, like Apple pay and Google Pay, are becoming a big trend in the usability of the mobile phones as payment for shopping, Samsung is about to launch a new mobile wallet system, the Samsung Pay. Unlike the two paying systems by Apple and Google, this new system by Samsung can be used in almost any of the readily available payment terminals in malls, shopping centers, and payment centers. Instead of bringing cash and bulky wallets, you can easily pay your bills and vouchers by simply tapping the mobile phone and swiping it over the card reader and it will automatically reads the card details. After you type your PIN, the payment is done.
Right now, the Samsung Pay is already accessible and usable in South Korea, the home of Samsung, but it will soon have its launch in the USA, and most probably to all parts of the world where millions of Samsung users are waiting and wanting to experience convenient shopping.
It is actually used like a debit or credit card. The card reader in any malls, restaurants, shopping centers, and other payment terminals will read the system and access the account for payment. The banks and issuers of the cards work hand in hand with the Samsung to enable this accessibility for easy shopping and paying. With the Magnetic Secure Transmission or MST technology, this system is readable using magnetic stripes, unlike the contactless card reading system used for Apple Pay.
In using the Samsung Pay, there are also several things to consider. First is the mobile phone. It should be an Android Smartphone made by Samsung, like the Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge+, and Galaxy Note5. Another thing to consider is the limit of the amount to pay using this system. Although it is up to £20 only for now, Samsung promises that the limit will get higher soon.