Samsung Pay video released ahead of the U.S. launch

Samsung has released a promotional video of its mobile payment system, Samsung Pay, ahead of the much awaited U.S launch this service on Sept. 28.

Samsung Pay is a secure and easy-to-use mobile payment system supported by Near Field Communication (NFC) and Samsung’s own Magnetic Secure Transmission (MST), giving it an edge over Apple Pay and Android Pay. MST can prove to be the real competitive differentiator once Samsung Pay launches in the U.S.

Credit: YouTube Video

The new video showcased users effortlessly using Galaxy devices at both NFC and MST supported payment terminals. To emphasize, Samsung Pay is the most accepted mobile payment service, the video shows an iPhone doing the same thing but with no result.

Samsung acquired the technology while collaborating with LoopPay in a project to design a smooth digital wallet experience. LoopPay, the wholly owned subsidiary of Samsung Electronics, is a mobile payment solution that utilises magnetic stripe readers to receive payments through mobile devices.

The proprietary MST technology converts in-store payment terminals into contactless card readers.

“MST technology generates changing magnetic fields over a very short period of time. The signal received from the device emulates the same magnetic field change as a mag stripe card when swiped across the same read head”, LoopPay said.

MST technology works within 3-inch distance from the read head and is a breakthrough in mobile payment systems since it doesn’t require any specific equipment to accept payments.

Samsung Pay comes preloaded with devices such as Galaxy S6 Edge Plus and Galaxy Note 5. Furthermore, users of the Galaxy S6 and S6 Edge devices will be able to use the service with a subsequent software update.

Samsung Pay debuted in South Korea on Aug. 20 and in less than a month managed to draw a commendable 500,000 subscribers. It works with American Express, Bank of America, CitiBank, US Bank, MasterCard and Visa Card. When it comes to banks supporting the service, however, Apple Pay leads with more nearly 500 banks and financial institutions in the kitty, reports Techno Buffalo.

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