Categories
Close
Menu
Menu
Close
Search
Search

Featured Articles

News

Samsung confirms its mobile payment plans

Mark

LoopPay tech will be part of Samsung Pay

Share:

Print

Rate article:

No rating
Rate this article:
No rating

Samsung Electronics has announced a new mobile payment service called Samsung Pay. It combines what it’s calling Magnetic Secure Transmission (MST) - the technology used by its recent acquisition LoopPay - with Near Field Communication (NFC). As a result, it says consumers will be able to use secure mobile payments at ‘nearly all’ merchant locations.

LoopPay produced key fobs and smartphone cases that fooled a magnetic card reader into thinking a card had been swiped through it. In reality, the LoopPay device generated a magnetic field to mimic a card swipe.

This MST technology will now be built into the new Samsung Galaxy S6 and S6 edge smartphones, along with NFC. Consumers will be able to store their existing card details on their smartphone, with payments protected by the fingerprint sensor on the phone.

Image

JK Shin, CEO and Head of the IT & Mobile Communications Division at Samsung Electronics, said “Samsung Pay will reinvent how people pay for goods and services and transform how they use their smartphones. The secure and simple payment process, coupled with our robust partner network, makes Samsung Pay a truly game-changing service that will bring value to consumers and our partners in the ecosystem.”

Samsung Pay will be launched in the USA and South Korea this summer, with expansion to Europe and China already planned.

Comments

Collapse Expand Comments (0)
You don't have permission to post comments.

Opinion Articles

ExclusiveLast week at The Fonecast: 12th May 2014

Mark Bridge writes:

Last week a major retailer with a significant online presence announced plans to release its own-brand smartphone by the end of the year. No, not Amazon. This news came from Tesco.

ExclusiveWelcome to the digitised city

Jürgen Hase of Deutsche Telekom writes:

The Smart City is on its way. All over the world more and more cities are connecting all areas of their infrastructure. Pisa in Tuscany, for example, aims to improve its traffic management with a machine-to-machine (M2M) solution and a Big Data service provided by Deutsche Telekom.

RSS
123468910Last

Recent Podcasts

ExclusivePodcast from Mobile World Congress 2015

Mark Bridge learns about the mobile technology trends at Mobile World Congress 2015 by chatting to James Rosewell of 51Degrees, Dr Kevin Curran from the IEEE and Chris Millington of Doro.

They talk about wearable devices, wireless charging, mobile operating systems and much more... including some of their favourite products from the exhibition.

ExclusiveLooking back at February: from security scares to multiple MVNOs

We're taking a look back at the biggest mobile industry news stories from February 2015, including allegations that the UK's security service tried to breach SIM card security by hacking into one of the world's biggest SIM producers.

We also talk about the planned BT and EE merger, the creation of two new UK virtual networks, some acquisitions in the mobile payment arena and a new Ubuntu smartphone.

ExclusiveA month of mobile: O2 counts on 3, Microsoft counts to 10 and Apple counts its profits

We're back with a month of mobile industry news, including takeover talks and takeover rumours. O2 and Three are said to be discussing a merger... but is there any truth in the suggestions that BlackBerry could be up for grabs?

We also discuss Apple's record-breaking quarterly figures, the highlights of CES and the launch of Microsoft Windows 10, as well as saying farewell to the current version of Google Glass.

RSS
123468910Last

Follow thefonecast.com

Archive Calendar

«June 2026»
MonTueWedThuFriSatSun
25262728293031
1234567
891011121314
15161718192021
22232425262728
293012345

Archive