Back at MWC Samsung told us about their upcoming mobile payments platform developed with LoopPay. Since then we’ve been eagerly awaiting information on when Samsung Pay would arrive on our new Samsung devices. Today at the Samsung Unpacked event it was unveiled that Samsung Pay will launch in exactly one week in Korea, with a launch in the US following a month later on September 28.
The best part about Samsung Pay is that it can emulate the magnetic stripe on a credit card for terminals that do not yet accept NFC. Of course you can use NFC where available, but this is a HUGE advantage over other mobile payment systems. Samsung Pay will be compatible with the Note 5 and S6 Edge+ as well as the Galaxy S6 and S6 Edge released earlier this year. Just hold the phone next to the card reader with your finger on the fingerprint scanner and it runs through the magnetic stripe sequence. Every payment is processed with a tokenized card number, a one-time use card number that will protect your account if a retailer’s system is compromised.
After the Korean and US roll-out, Samsung plans to launch the service in other markets, including the UK, Spain and China. A public beta is slated to begin on August 25 in the US, shortly after the US launch of the Note 5 and S6 Edge+. I’m pretty damn excited to use this service, unlike Apple Pay I could see myself using this as a real replacement for my wallet. Keep it here for more coverage of the Samsung Unpacked event!
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