Samsung Pay
Samsung Pay (abbreviated SΛMSUNG Pay) is a mobile payment and digital wallet service provided by Samsung Electronics that allows users to make payments using compatible phones and other Samsung-produced devices. The service allows contactless payments using near-field communications (NFC), but also magnetic stripe-only payment terminals via magnetic secure transmission (MST) on devices released prior to 2021. It also supports bill payments in India.
The service debuted in South Korea on August 20, 2015, and in the United States on September 28, 2015.
Samsung Pay was built from LoopPay, a crowdfunded startup company Samsung acquired in February 2015 for $300m. The service supports NFC-based mobile payment systems (prioritized when discovered) and magnetic stripe-only ones. Magnetic secure transmission (MST) generates the near-field magnetic waveform to simulate the swipe of a permanent magnet strip past a reader. LoopPay's inventors said this approach would operate with "nearly 90%" US point-of-sale machines (excluding terminals requiring the card to be physically placed into a slot).
Swiping from the bottom launches Samsung Pay on phones. The software lets you swipe through credit, debit, and loyalty cards.
Samsung Pay can be used online and at some banks' ATMs in South Korea. Samsung Pay supports in-app, QR code, and public transit cards in Mainland China. Samsung Pay can be linked to Smart Octopus cards in Hong Kong to perform online or offline electronic payments with saved value. Samsung Pay supports UPI and BharatQR in India. It accepts BBPS bill payments.
Samsung Money by SoFi, a mobile-first money management service from Samsung Pay and fintech company SoFi, launched in May 2020.
In June 2022, Samsung Pay became Samsung Wallet in the US, UK, France, Germany, Italy, and Spain. The Wallet app now stores digital assets and keys after the rename. Despite not adopting the "Samsung Wallet" branding, the Samsung Pay app in South Korea received these new functionalities.
Website: https://www.samsung.com/global/galaxy/samsung-pay/
