Samsung Pay: Expected to come soon world wide

Mobile payment service was touted by Samsung as the key feature of Galaxy S6. It is almost six months past, but Samsung Pay is yet not available in anywhere in the world.

The limited trial of the service was kicked off by Samsung in its home market but the full fledged release is expected in this fall.

Samsung Pay, the mobile payment system was set to compete against Apple Pay and Google Wallet system. Recently, Samsung has started experimenting with this mobile payment system in its home market in South Korea but it is still nowhere seen in most of the markets around the world.

The two gadgets i.e Samsung Galaxy S6 and Galaxy S6 Edge have been in the market for around six months and these phones were rumoured to be featured with Samsung pay, but till date this has not happened. As a result of this although the company detailed about the working of the new system in the previous video but most of the Samsung users don’t have an idea as to what to expect from the Samsung Pay system in the terms of real world usage. The new video now reveals how is Samsung Pay going to work in practice.

Both the Apple Pay and the Google Wallet needs to be hooked up with the NFC payment terminal and the adoption of these terminals is usually very slow, while the Samsung Pay here has its upper hand, which is its compatibility with the magnetic stripe card readers.

Having, both the features of being hooked up with NFC card terminals and its compatibility with the magnetic stripe card readers, means that Samsung Pay is going to be compatible with virtually all the card payment terminals.

The company has spent $250 million to buy LoopPay back in February due to which it was able to make its mobile payment platform work with the magnetic debit or credit card readers.

The simple procedure which the users have to follow for using Samsung Pay is: first of all, bring the Samsung Pay by swiping it up from the home screen and then you select the credit card that is to be used. After this use the fingerprint reader to authenticate and then approach the device towards the NFC or the magnetic stripe card reader.

The rumours suggest that Samsung Pay will be internationally launched with Galaxy Note 5, which means we might see this by the end of August.