Samsung Unveils Its Mobile Payment Solution, Samsung Pay
The mobile payment sector is growing at a rapid pace, with Google Wallet, Apple Pay and Visa’s solutions each vying for the top spot, but that race is about to heat up, as Samsung has announced their entry into the space with an initative called “Samsung Pay”.
While most mobile payment solution rely on NFC to make the transaction, 90% of US retailers don’t support NFC and to combat this, Samsung introduces MST technology which allows users to use Samsung Pay with any merchant that accepts credit cards, debit cards or NFC. Teaming up with all the major card networks, Samsung’s payment solution provides customers with greater flexibility in payment and increased access and payment choices.
Samsung Pay is set to be available from a large number of merchants in USA and Korea soon. Do you think Samsung’s reach and popularity will make Samsung Pay a major player in mobile payments? Let us know in the comments below!