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Samsung begins trialing mobile payments platform in South Korea

| Justin Lee
Categories Biometrics News  |  Financial Services  |  Fingerprint Recognition
 

Samsung began rolling out a trial version of its new mobile payments platform to select Galaxy S6 and S6 Edge users in South Korea, suggesting that the electronics giant is nearing the full rollout of the Apple Pay competitor, according to a report by Mashable.

The move comes a few months after reports that Samsung SDS had partnered with local payment gateway firms KG Mobilians and KG Inicis to soon launch a fingerprint mobile payment service within South Korea.

Although the company did not specify an exact launch date for the service, previous reports indicate Samsung Pay is set to launch in the US in September.

Samsung Pay is the first and only mobile payment service that works with both near field communication (NFC) and card readers with magnetic secure transmission (MST) technologies, which it means it is supported at nearly every retailer’s point of sale terminals.

This level of compatibility gives Samsung a significant advantage over competing services, Apple Pay and the soon-to-be-released Android Pay.

“When it is time to pay, just launch the app, hold your Samsung device near the credit card terminal and authorize it with the touch of your finger,” Samsung wrote in a blog post.

Users can also review their payment history by tapping a credit card to view a list of payments in the Samsung Pay application.

Samsung Pay does not store the user’s credit card number on the device itself, nor does it send out this information sent during a transaction.

Instead, the data is encrypted to generate a “token,” which the user’s bank will be able to link to their card.

As an additional security measure, payments cannot be completed without the user’s fingerprint or PIN at the time of payment.

The Galaxy S6 and S6 edge devices are equipped with the Samsung KNOX mobile security platform which constantly monitors the device to detect any malicious activities.

In the event that users lose their device, they can activate the Find My Mobile app to lock their device remotely or wipe their data on the device.

Earlier this week, Apple expanded Apple Pay to the UK earlier this week, with 250,000 supporting retailers.

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