Samsung Pay, which uses proprietary technology called Magnetic Secure Transmission (MST) along with Near Field Communication (NFC), is compatible with most existing payment terminals where the customer can tap or swipe the card. Samsung Pay is now available on the Galaxy S6 edge+, Galaxy Note5, Galaxy 6 edge and Galaxy S6 smartphones. Consumers simply launch the Samsung Pay app and scan their fingerprint to authorise the payment.
Samsung Pay is available in the US starting with September 28 and in South Korea it has processed more than 1.5 million total transactions worth about USD 30 million in its first month with about 600,000 subscribers. The company’s plan are also to expand the service to the UK, Spain and China.
In earlier news, TSYS unveiled that it will expand the TSYS Enterprise Tokenization solution to process tokenized transactions made using Android Pay.
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