Since its launch in South Korea in August 2015, Samsung Pay has expanded its reach to more countries. The digital payment service would be made available to users of Samsung smartphones and smartwatches in Mexico today (January 30th). Mexico is the 20th country in the world to make Samsung Pay available to its users and the second country in Latin America.
Unlike other payment services limited to Near Field Communication (NFC), Samsung Pay works with POS systems installed with NFC as well as Magnetic Secure Transmission (MST) technology. This technology functions like the magnetic strip on credit and debit cards when Samsung Pay is used on any card terminal. This allows Samsung Pay to work just about anywhere in the world so long as the retailer allows consumers to swipe their Smartphones or smartwatches to make a payment.
To ensure its payment service is secure, Samsung Pay utilizes three different levels of security. Samsung Knox to detect suspicious activity on a user's phone; biometrics authentication which includes iris or fingerprints identification; rather than storing financial information on your Samsung device, tokenization is used to create virtual information for every transaction.
Users of Samsung Pay in Mexico can now make use of the mobile payment service at a number of Mexican banks, including Banregio, Banorte, Citibanamex, HSBC, and Santander for use with Mastercard, Visa and American Express. Samsung pay in Mexico can also utilise other online payment and banking tools, such as Clip and iZettle. Users of Samsung Flagship phones of the last few years can make use of Samsung Pay as these phones have inbuilt MST hardware, Samsung J7 Pro and A8 can also work with the MST.
Since its launch in 2015, Samsung Pay has expanded its territory from South Korea to more countries. Samsung Pay supports MST technology and not just the NFC-based transactions of competitors like Andriod Pay and Apple Pay. Samsung Pay keeps spreading its tentacles through partnerships in all the countries where it is available. Samsung has partnered with a number of banks, MasterCard in London, QuikCilver gift card solution provider in India, American Express Express in the Uk and others. The payment service which is available on Samsung smartphone and Smartwatches have been rumoured to expand to non-Samsung devices. We keep our fingers crossed as we anticipate the next move of Samsung Pay.