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Samsung has already begun a trial of its new payment app, Samsung Pay, in South Korea. The trial launched yesterday, on July 15, in partnership with its credit arm Samsung Card.
Galaxy S6 and S6 Edge customers will be the first to get access to the new digital payment app.
Samsung says that a full roll-out is coming soon and that its technology will be able to work with both near-field communication terminals and traditional magnetic stripe readers. Being compatible with magnetic stripe readers is a key selling point for Samsung Pay, because it means merchants don’t have to upgrade their terminals in order to receive contactless payments. It also means that Samsung Pay can be used in more stores than other NFC-based digital payment technologies, like Apple Pay.
The flexibility of Samsung Pay’s contactless payment technology is thanks in part to its acquisition of LoopPay, a startup that enabled consumers to make contactless payments using a connected smartphone case and accompanying app. Rather than require users to buy hardware, Samsung has integrated the LoopPay technology into its digital payment platform.
To use Samsung Pay, users will need to input their various credit cards into the app. When it’s time to pay, customers will have to launch the app and hold near the payment terminal. Transactions are approved with a scan of your finger.
When Samsung Pay does officially launch, it will come to both the U.S. and South Korea first, before expanding globally.
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