Samsung recently announced Samsung Galaxy Note 5 and S6 Edge+, along with it is the mobile payment system, Samsung Pay. Apparently, the company is also planning to launch this kind of technological advancement to Down Under.
Samsung Pay's operation in South Korea will begin on Aug. 20, and on Sept. 28 for the United States. CNET learned that Australia will be next in 2016, but there is no exact date yet.
In the United States, Samsung announced that it will be partnering with major credit cards, banks and store-branded credit cards like Visa, MasterCard, American Express, US Bank, Chase and Bank of America. However, the financial institutions that the South Korean-based company is working within Australia are not yet known.
The mobile wallet platform Samsung is using is not that different from others — say for example, Apple Pay. However, the company made some changes, which it thinks will make a difference in customer experience as a whole.
Samsung Pay, other than supporting the NFC (Near Field Communication) readers, a technology that's also used by Apple and Google's Android Pay, will also workwith the traditional magnetic card readers, according to CNN.
Will Graylin, CEO of LoopPay and now the Global Co-GM of Samsung Pay, said there are benefits in using this new technology. One is security.
He pointed out, during a meeting at the Ritz-Carlton Hotel in San Francsico that Wired attended, that the tokenization system they are using is similar to Apple's. This means that compared to plastic credit cards, it will be tough to hack.
Second, with the right digital set up, it can keep the customers from carrying dozens of loyalties and membership cards. However, Samsung Pay will not work in certain gas stations, where a card needs to be inserted to make a payment.
Samsung Pay, as of the moment according to some reports, can only be used with the company's newest devices, such as Galaxy S6, S6 Edge, Edge+ or Note 5.
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