Samsung announced some new hardware on Sunday, including the Galaxy S6 and the Galaxy S6 Edge, but it also announced a brand new service that’s going to change the way Samsung owners make payments. It’s called Samsung Pay, and it’s basically Samsung’s take on Apple Pay.
Using technology it acquired from LoopPay, Samsung will allow owners of the Galaxy S6 and the Galaxy S6 Edge to pay for goods with a simple tap of their smartphone. It supports NFC but, more importantly, it also supports Magnetic Secure Transmission (MST), which means it’s going to work in millions of retailers — Samsung says up to 30 million – without the need for stores to add additional hardware.
Samsung said it’s kicking off the program with support from MasterCard and Visa, with American Express, Bank of America, Citi, JPMorgan Chase and U.S. Bank on the way. The firm is also promising security, and said that Samsung Pay is “safer than a physical card,” thanks to support for tokenization and fingerprint-based mobile payments. Like Apple Pay, you’ll be able to hold a finger to your phone’s home button to scan your fingerprint and confirm a payment.
Samsung Pay will start to roll out this summer in the United States and Korea, while Europe, China and other regions will come onboard later.