After launching in the US and Korean markets, Samsung Pay seems set to next land in the United Kingdom and Spain. This news comes in front of the expected launch of the organization’s Galaxy S7 and S7 Edge phones at its Samsung Galaxy Unpacked occasion in Barcelona on February 21st, 2016.
During an address at Samsung European Forum 2016 held in Monaco, Head of Samsung Pay Europe, Nathalie Oestmann said that the organization’s payment services would be “coming to the UK and Spain very soon this year” and that “more details [will follow] at MWC [Mobile World Congress] in a couple of weeks”.
Samsung’s main competition in the phone arena, Apple, already launched its Apple Pay service a year ago in the UK and, as such, Samsung needs to make swift advances to catch up. One key differentiator which help is that Samsung Pay will work with any new or existing credit card terminals which support either NFC or MST (Magnetic Secure Transmission) technology. Apply Pay is restricted to using NFC just effectively limiting the number of terminals on which it can be used.
MST emulates the magnetic strip on a credit card by transmitting a magnetic sign to the credit card terminal over a short distance in lieu of a physical swipe. Also, like Apple Pay, the card information is tokenized to prevent fraud and plain text storage anyplace between the terminal and the credit card payment network. Samsung had acquired MST technology as a major aspect of its purchase of LoopPay a year ago.
Later this year, Samsung Pay will also roll out to other markets including Australia, Brazil and Singapore following a declaration by Samsung at CES 2016.