Mar 03, 2015 07:40 PM EST
Samsung has made another breakthrough in mobile technology following Apple Pay, which first created the technology that makes mobile payment much easier.
It announced the release of the Samsung Pay app this summer for the US and South Korean markets and for Europe and Chinese later on this year, not long after the launch of the Galaxy S6 and S6 Edge. This app will be applicable for latest versions of Android phones.
In the US, in order for its mobile payment solution to have the access to many stores and merchants, Samsung has partnered with financial institutions Visa and Mastercard, JP Morgan, Bank of America and American Express.
How does Samsung Pay work? Just like with Apple Pay, tap your Android device on any retail shop that is facilitated with a swipe or payment machine that is equipped with Near-Field Communication (NFC), as your phone will also have to cooperate with LoopPay and the NFC for any transactions.
More importantly, LoopPay technology will come along with NFC. It enables Samsung to work with more merchants by replicating the magnetic-strip signals on plastic cards. However, unlike NFC transactions that can be authorized through the device's fingerprint sensors, a physical signature may still be needed for LoopPay transactions.
The company claimed its new payment solution will be accepted at many more merchants compared to Apple Pay. As a comparison, it will work for 30 million merchant locations while Apple Pay currently only works with 200,000 merchants across the US.
To make payment more secure, personal devices and account numbers won't be kept by Samsung, but will be represented by a token with random numbering.
However, both Apple and Samsung will have to wait until fall this year before their apps can be used nationwide as most merchants will not have NFC functionality on their payment machines till fall.
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