Samsung Pay is on its way
We've had Apple Pay and Android Pay, but now Samsung Pay is hitting British high streets
Following Apple Pay, and more recently Android Pay, Samsung Pay will be the next major mobile payment platform to hit the UK.
Here, we briefly run through what it’s all about, and how it differs from other mobile payment options.
What is Samsung Pay?
For the most part, Samsung Pay is pretty similar to rival Apple Pay, as well as Android Pay. Using information stored on your Samsung phone, a user launches the app, authenticates with a fingerprint, and holds the phone near the payment point. It uses Mobile Digital Enablement System tokenisation to ensure that account details can’t be swiped, too.
And like other providers, Samsung Pay mainly uses Near Field Communication (NFC) to facilitate payments.
How it’s different – LoopPay
In February 2015 Samsung purchased a business called LoopPay.
LoopPay offers various innovations for the mobile wallet sector, but for Samsung Pay there was one in particular which triggered its interest. Unlike other companies, LoopPay was adapted to work with traditional mag stripe payment terminals – giving businesses using old technology the ability to accept payments from the very newest technology.
However, this is less significant in the UK than in the US. In the UK, traditional payment terminals are less common, and only used when chip and pin technology isn’t available. In fact, mag stripe technology is due to be phased out completely in Europe in the near future. Meanwhile in the US, mag stripe technology is still abundant and Samsung Pay’s incorporation of LoopPay has been hugely impactful already.
How important is Samsung Pay for small businesses and their customers?
Samsung Pay only works with Samsung devices – and Samsung users can already use Android Pay if they want to pay using their mobile. So for customers, it’s by no means a make-or-break piece of technology. Having said that, mobile payments are all about choice and convenience, and for many Samsung customers, Samsung Pay will become the obvious choice.
For businesses, it’s another way to get paid, which ultimately is good for business. It’s also another reason to ensure you have contactless technology in place. And for those rare companies that have mag stripe technology, Samsung Pay is the only major mobile payment provider that can support you without having to update your systems.
So all in all, Samsung Pay is good news. It provides a fast, easy and secure means of payment for customers, and it offers small businesses another way of connecting with increasingly tech-savvy customers.