Samsung has been conducting a trial of its new mobile payment system in Korea and that mobile payment system is called Samsung Pay. The trial is in preparation for a full roll out to more places around the world. Trials started on July 15 for select customers in Korea. The first smartphones to have access to Samsung Pay are the Galaxy S6 and S6 Edge.
Samsung says that the Samsung Pay mobile payment system will be accepted in more stores than any other mobile payment system in Korea. The first mobile payment system supports NFC and card readers with magnetic secure transmission.
Support for both of those technologies means that the Samsung Pay system and the S6 devices are already compatible with the majority of sales terminals in stores around Korea. Users can add secure card info to the Samsung Pay app and it uses tokenization technology to help keep the data secure.
To use the Samsung Pay system the user only has to hold the Samsung device near the pay terminal with the app launched. To register a card, the use has to complete an authentication process using SMS and a PIN. Samsung KNOX technology is used to secure payment data and credit card data can be wiped remotely if the smartphone is lost or stolen.
SOURCE: Samsung Tomorrow