Samsung Pay

Samsung Pay
Developer(s) Samsung Electronics
Initial release August 20, 2015 (South Korea)
Operating system Android
License Proprietary
Website samsung.com/Pay

Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. The service supports contactless payments using near-field communications, but also incorporates an electromagnetic transmission system that allows contactless payments to be used on payment terminals that only support magnetic stripe cards.[1]

The service was launched in South Korea on August 20, 2015 and in the United States on September 28 of the same year. In 2016 at the International Consumer Electronics Show (CES 2016), the telecommunications company announced that Samsung Pay be coming soon to a variety of banks in Australia, Brazil, Spain and Singapore.[2]

Service

Samsung Pay was developed from the intellectual property of LoopPay, a crowdfunded startup company that Samsung acquired in February 2015. The service supports both NFC-based mobile payment systems (which are prioritized when support is detected),[3] as well as those that only support magnetic stripes. This is accomplished via technology known as "Magnetic Secure Transmission" (MST), which transmits card data to a payment terminal's swipe slot using an electromagnetic field, causing the terminal to register it as if it were a normal magnetic stripe. LoopPay's developers stated that because of this design, the technology would work with "nearly 90%" of all point-of-sale units in the United States (which excludes terminals that require the card to be physically inserted into a slot in order to function).[1]

On phones, the Samsung Pay menu is launched by swiping from the bottom of the screen. Different credit and loyalty cards can be loaded into the app, and selected by swiping between them on-screen.[3]

In South Korea, Samsung Pay can be used for online store payments[4] and to withdraw money on selected banks' ATMs.[5]

Security

Samsung Pay's security measures are based on Samsung Knox and ARM TrustZone technologies; credit card information is stored in a secure token.[3] Payments must be authenticated using a fingerprint scan.[6][7]

In August 2016, security researcher Salvador Mendoza disclosed a potential flaw with Samsung Pay, arguing that its security tokens were not sufficiently randomized and could become predictable. He also designed a handheld device that could be used to skim magnetic secure transmission tokens, and another which could spoof magnetic stripes on actual card readers using the token. Samsung responded to the report, stating that "If at any time there is a potential vulnerability, we will act promptly to investigate and resolve the issue".[8]

Availability

Release dates
Date Support for payment cards issued in
August 20, 2015 South Korea South Korea[9]
September 28, 2015 United States United States[10][11]
March 29, 2016 China China[12]
June 2, 2016 Spain Spain[13]
June 10, 2016 Singapore Singapore[14]
June 15, 2016 Australia Australia[15]
July 13, 2016 Puerto Rico Puerto Rico[16]
July 19, 2016 Brazil Brazil [17]
September 29, 2016 Russia Russia[18]
November 1,2016 (BETA) *Rescheduled Malaysia Malaysia[19]
November 7, 2016 Canada Canada[20]
2016 (Expected) United Kingdom United Kingdom
TBA Poland Poland
October 27, 2016 Thailand Thailand[21]
2016 (Expected) Taiwan Taiwan
2017 (Announced) Turkey Turkey[22]

In May 2016, it was reported that Samsung was developing a spin-off of the service known as Samsung Pay Mini. This service will be used for online payments only, and is also being targeted as a multi-platform service.[23]

Compatible devices

See also

References

  1. 1 2 3 "Samsung Pay: What you need to know (FAQ)". CNET. Retrieved 2 September 2016.
  2. ↑ http://www.digitaltrends.com/mobile/samsung-pay-news/
  3. 1 2 3 4 "Samsung Pay: What is it, how does it work, when is it coming to the UK?". Pocket-lint. Retrieved 2 September 2016.
  4. ↑ http://www.techtimes.com/articles/154500/20160429/samsung-pay-atm-cash-withdrawals-go-live-but-with-limited-availability-for-now.htm
  5. ↑ J Yeo (2015-08-21), 삼성페이로 우리은행ATM에서 인출하기 How to withdraw from Wooribank ATM, retrieved 2016-05-21
  6. ↑ "First Look: Samsung Galaxy S6, Galaxy S6 Edge Finally Gets a Premium Design". Re/code. Retrieved 1 March 2015.
  7. ↑ "Loop turns almost any point-of-sale system into a mobile payment machine (hands-on)". Engadget. Retrieved 2 March 2015.
  8. ↑ "Flaw in Samsung Pay lets hackers wirelessly skim credit cards". ZDNet. Retrieved 2 September 2016.
  9. ↑ https://news.samsung.com/global/samsung-announces-launch-dates-for-groundbreaking-mobile-payment-service-samsung-pay
  10. ↑ https://news.samsung.com/global/samsung-announces-launch-dates-for-groundbreaking-mobile-payment-service-samsung-pay
  11. ↑ https://news.samsung.com/global/samsung-mobile-payment-service-samsung-pay-available-starting-today-in-the-u-s
  12. ↑ https://news.samsung.com/global/samsung-pay-is-now-available-in-china-with-china-union-pay
  13. ↑ https://news.samsung.com/global/samsung-pay-is-now-available-in-spain
  14. ↑ https://news.samsung.com/global/samsung-pay-launches-in-singapore
  15. ↑ https://news.samsung.com/global/samsung-pay-is-now-available-in-australia
  16. ↑ https://news.samsung.com/global/samsung-pay-launches-in-puerto-rico
  17. ↑ https://news.samsung.com/global/samsung-pay-launches-in-brazil
  18. ↑ http://www.androidheadlines.com/2016/09/samsung-pays-global-footprint-now-includes-russia.html
  19. ↑ http://www.soyacincau.com/2016/02/01/samsung-pay-is-coming-to-southeast-asia-this-year/
  20. ↑ http://www.digitaltrends.com/mobile/samsung-pay-news/
  21. ↑ http://www.samsung.com/th/samsungpay/
  22. ↑ http://www.teknokulis.com/haberler/mobil/2016/08/23/samsung-pay-turkiyeye-geliyor-iste-tarih
  23. ↑ "Samsung Pay Mini coming to other Androids, iPhone and desktop". GSMArena. Retrieved 2 September 2016.
This article is issued from Wikipedia - version of the 11/22/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.