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Samsung Pay Launches In Korea In August, US In September

Posted by samzenpus on from the pay-with-us dept.

Mark Wilson writes: The main thrust of Samsung's Galaxy Unpacked event was to launch the Galaxy Note 5 and Galaxy S6 Edge+, but the company also provided some details about Samsung Pay. With so many similarly-specced smartphones vying for attention, each manufacturer needs to offer something slightly different, and Samsung is hoping that a new digital payment system will prove attractive to people. Going head to head with Android Pay and Apple Pay is Samsung Pay. As well as offering compatibility with the newly announced Galaxy Note 5 and Galaxy S6 Edge+, Samsung's payment system is supported by many of its older handsets. It will launch in its home country of Korea on August 20, and will spread to the US at the end of September.

1 of 30 comments (clear)

  1. MST is a dud technology by viperidaenz · · Score: 5, Informative

    Emulating a magnetic card swipe with a magnetic field is a dud.
    If doesn't work with chip and pin cards where the terminal has a chip reader, since the mag swipe will be responded with "Please Insert Card".

    LoopPay, the company Samsung bought to acquire the technology, says "they're working on it" which is only going to be "we're trying to convince card issuers and terminal providers to removed their fraud protections"

    It's also not going to work if your bank uses "Liquid encryption technology[1]", where the magstrip data is updated every time you put your card in their ATM's. It's primary purpose is to stop card skimmers, which LoopPay effectively is. If you scanned your card in to LoopPay then put your real card in an ATM, the next time you use your LoopPay, your bank will lock out your card due to fraud detection, since it will be using the old mag strip data.

    [1]