When the Galaxy S6 was announced, one of its most revolutionary new features was Samsung Pay. The service took advantage of the technology from LoopPay to make mobile payments easier than ever. Rather than using NFC to complete transactions only in places that support them, Samsung Pay used the special hardware to complete mobile payments with any credit card machine. It was certainly impressive and many who planned on buying the phone couldn’t wait to check it out. Initially Samsung Pay was due to launch in July. However now the company is pushing that goal back to September.
Bloomberg reports that Samsung has made the announcement in a call with investors. According to the Samsung exectutive who made the announcement, the service will launch some time in September for both South Korea and the United States. Further reports revealed that the company wants to launch the service alongside their next high-end device which we of course know is likely the Galaxy Note 5. The Note series generally launches new phones in this same time frame, so it’s a safe bet. It’s without any doubt that the Note 5 will also pack the hardware required to use Samsung Pay.
Samsung is currently partnered with Visa and Mastercard to help expand the reach of the service. Samsung Pay is going to be compatible with approximately 90% of all magnetic card readers currently in use. The service was developed in part to provide competition between Samsung, Apple, and Google in mobile payment service. Apple announced their option last fall in the form of Apple Pay which uses NFC. Google also announced a refreshed mobile payment system for Android users at Google I/O in the form of Android Pay which will also likely use NFC.Source: Bloomberg