Samsung to rival Apple pay with own mobile payment service

Samsung to rival Apple pay with own mobile payment service

PanARMENIAN.Net - Samsung has announced that it will launch its own mobile payment service, Samsung Pay, according to Digital Spy.

The platform will launch in the US and Korea first later this year and will work with NFC on board the company's new Galaxy S6 and S6 Edge handsets.

Samsung plans to expand Samsung Pay to other regions including Europe and China at a later date.

The company is hoping to make mobile payments more accessible to merchants and consumers by using both NFC (Near Field Communication) and a new technology called Magnetic Secure Transmission (MST).

For the moment, Samsung has partnered with MasterCard and Visa to get the feature started, but is also working with the likes of American Express and Bank of America to roll the system out further.

"Samsung Pay will reinvent how people pay for goods and services and transform how they use their smartphones," Samsung's CEO and Head of IT and Mobile Communications JK Shin said.

"The secure and simple payment process, coupled with our robust partner network, makes Samsung Pay a truly game-changing service that will bring value to consumers and our partners in the ecosystem."

Samsung will have to contend with established competitors including Apple and Google for a share of the market.

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