At the New York press conference today, Samsung has announced the release of its mobile payment system named Samsung Pay in USA on September 28th. Samsung Pay will be launched in Korea on August 20th. The company also said that Samsung Pay will be pre-installed on selected Galaxy Note5 and Galaxy S6 Edge+ phones. The free update for the software will be launched in mid-August, which will enable Samsung Pay on the Galaxy S6 and S6 edge smartphones in US and Korea. Samsung is also planning to launch its mobile payment system in U.K, China, and Spain later.
JK Shin, CEO and Head of IT and Mobile Communications Division at Samsung Electronics said at the event in New York, “With the launches of these exciting new smartphones, we will open a new era of mobile payment. This is Samsung’s brave step forward to enhance our mobile experience. It is easy, safe, and most importantly, available virtually anywhere you can swipe a card, in most cases without new costs for merchants, from day one.”
The main difference between Samsung Pay and Apple Pay is that this Samsung Pay will work on any standard checkout terminal whereas the other works on specific credit card terminals. Samsung uses magnetic stripe reader for the Payment services.