Samsung Pay a revolutionary mobile payment service to make quick smart and safer payments anytime and anywhere.This wallets uses NFC technology to process payments.Samsung Pay service was launched in South Korea in year 2015 and in the United States on September 28,2015.In 2016 company announced that they will soon launch the app in Australia,Brazil,Spain and Singapore.
What are NFC and MST in Samsung Pay?
NFC stands for Near Field Communication,it enables short range communication between compatible devices where it required at least one transmitting device and another to receive signal.NFC has become pretty commonplace due to growth of Samsung Pay and Android Pay and online payment system.But Samsung has played a tricky game here by buying MST(Magnetic Secure Transmission) from loop Pay. It gives you virtual experience of online payments.
Samsung Pay is available on almost all high end devices of Samsung like Galaxy S6,S6 Edge,S6 Edge+,S6 Active,Galaxy S7 Edge,Galaxy S7.To check the availability of this app on your phone you can check the about phone and software update of your phone.In case your device is compatible of this app,it will show download option in App Store.
How it can be used and associated bank
First of all,you need to install this app in your device.Open the app and add the credit or debit card in ADD option.Align your payment card inside the frame and enter the required information.Review the terms and conditions,authenticate your identity,enter the OTP and you are ready to use this app.Samsung has established partnerships with top notch banks and credit unions and expanding the tie ups constantly.
Pros and Cons
Let’s talk about pros first- Samsung Pay us smart watch compatible Samsung works both on NFC and MST so the retailed need not to upgrade their payment terminals this is the biggest pros of Samsung Pay.Samsung has partnered with banks so that it can acquire the merchant base of Google wallet and Apple Pay users.Samsung Pay gives you virtual experience of card swiping,authentication by finger print which makes it more secure.
The biggest con in that this app is limited to high end smartphones only,there is still lot of work needed in integrating all banks and credit companies.Samsung pay doesn’t give any additional benefits of coupons or discounts on purchase. There is certainly a question mark on growth and acceptance as MST based wallet before Samsung Pay didn’t have many transactions to boast about.
It seems that Samsung Pay will do well in future and impact on Apple Pay will not be much.Samsung Pay need to introduce some gift vouchers and coupons to attract more customers.The feature of thumb impression,virtual experience of card swiping makes this app much secure and enjoyable experience of payments.