Samsung Pay is a new payment platform which was introduced by Samsung two years ago to facilitate payment for goods and services. The growth and development of Samsung Pay have extended to countries such India, UK, Australia, Russia, UAE, etc. Some months ago, 38 more Australian banks were added to the Samsung Pay platform, and now, even more, have joined the platform.
Yesterday, Samsung Electronics said that accumulated payments made with Samsung Pay have exceeded 10 trillion Won ($ 8.77 billion) since the payment platform was launched in 2015. In the first year, the payment service amassed 2 trillion Won ($1.8 billion) and in the second year, it got almost four times the amount it recorded in the first year. Over 30% of Samsung Pay payments are online payment and this greatly boosted the growth of the payment service.
Presently, Samsung has collaborated with American Express, Visa Card, Master Card and China’s Alipay for commercialization of the payment platform in overseas markets. Samsung pay is currently available for Samsung’s Galaxy S series, Galaxy A, and Galaxy J series phones in 18 countries. Bixby, Samsung's voice assistant has been used to enhance Samsung Pay on the Galaxy S8 and users can view their account and transfer money by simply saying so.
Samsung Pay utilizes Near Field Communications (NFC) just like other payment platforms. This enables a secured transmission of card information to the retailers. Samsung also uses its patented Magnetic Secure Transmission (MST) because some retailers do not have NFC in their system. MST replicates a card swipe by wirelessly transmitting magnetic waves from the supported Samsung device to a standard card reader and it works as an alternative to NFC for card terminals that do not have an active NFC. This allows Samsung Pay to function almost anywhere cards are accepted.