Samsung Pay: mobile payment and digital wallet service
What is Samsung Pay
Samsung Pay is a mobile payment and digital wallet service developed by Samsung Electronics that allows users to make payments using their Samsung smartphones, tablets, and smartwatches.
It uses both near-field communication (NFC) and magnetic secure transmission (MST) technology to make payments, which enables it to work with both traditional magnetic stripe card readers and newer contactless payment terminals.
Users can add credit and debit cards, as well as loyalty cards, to the service and make payments by holding their device near the card reader.
The history of Samsung Pay
Samsung Pay was first announced by Samsung Electronics in March 2015 and was initially launched in South Korea in August of that year. It later expanded to the United States in September 2015 and to China in March 2016.
The service uses both NFC and MST technology to make payments, which allows it to work with a wide range of card readers, including those that only support magnetic stripe cards. Samsung Pay also includes a feature called “Samsung Pay Mini” which allows users to make payments using QR codes.
In 2017, Samsung Pay was made available in more than 20 markets worldwide, including Spain, Singapore, Russia and Brazil. In addition, Samsung Pay was also made available on non-Samsung devices like Gear smartwatches and tablets.
In 2020, Samsung Pay announced that it reached a total of 100 million registered users. Samsung Pay continues to expand its services, including online payments in some regions, and has partnerships with various financial institutions and retailers.
Samsung Pay is available in a variety of countries worldwide, with varying levels of support and availability. The availability of Samsung Pay is subject to change, and it’s best to check the Samsung Pay website or contact Samsung support for the most up-to-date information.
As of 2021, Samsung Pay is available in some countries in Asia, Europe, Africa, and America. Some of the countries where Samsung Pay is available include:
- South Korea
- United States
- South Africa
It’s important to note that availability of Samsung Pay may vary depending on the device and the carrier you are using. Additionally, the features available in each country may vary depending on the region and the local regulations.
It’s always good to check the Samsung Pay website or contact Samsung support for the most up-to-date information on the availability of Samsung Pay in your country.
How Samsung Pay works
Samsung Pay works by using near-field communication (NFC) and magnetic secure transmission (MST) technology to make payments. Users can add credit and debit cards, as well as loyalty cards, to the service and make payments by holding their Samsung device near the card reader.
Here is a step-by-step guide on how to use:
- Open the Samsung Pay app on your Samsung device.
- Add a credit or debit card to the app by taking a photo of the card or manually entering the card information.
- Verify your card by entering a one-time code sent to your email or phone number.
- To make a payment, open the Samsung Pay app and select the card you want to use.
- Hold the back of your Samsung device against the card reader at the point of sale. The device will emit a sound to indicate that the payment has been made.
- Some terminals may require you to confirm the payment by entering a pin or signing a receipt.
Samsung Pay also allows you to use your device for in-app or online payments, and with Samsung Pay Cash, you can also send and receive money to other users.
It’s important to note that Samsung Pay uses tokenization to protect your card information, it creates a unique token that replaces your card number to be used for transactions, so your sensitive information never touches the merchant’s systems.
Can Samsung Pay be trusted
Samsung Pay is a widely used and well-established mobile payment service, and it is generally considered to be a safe and secure way to make payments. The service uses multiple layers of security to protect user’s information and transactions.
One of the key features of Samsung Pay is tokenization, which replaces your card number with a unique token for each transaction. This ensures that your sensitive information never touches the merchant’s systems, reducing the risk of fraud.
In addition to tokenization, Samsung Pay also uses fingerprint authentication or a pin code to confirm payments, which adds an additional layer of security. The service also uses encryption to protect your data and transactions.
Samsung Pay also offers a feature called “Find My Mobile” which allows you to remotely lock or wipe your device in case it gets lost or stolen.
As with all mobile payment services, it is important to keep your device and apps updated with the latest security patches and to be cautious when downloading apps or clicking on links that may be malicious. In general, Samsung Pay is considered to be a safe and secure way to make payments, but it is always good to be aware of potential risks and take appropriate precautions.
Does Samsung Pay charge a fee
In general, Samsung Pay does not charge any additional fees for using the service to make payments. Users will be subject to any fees that may be imposed by their financial institution or card issuer when using the service. Some banks may charge for transactions made through Samsung Pay, but it varies from bank to bank.
For transactions made with Samsung Pay Cash, standard fees may apply for some features, such as ATM withdrawals, foreign currency transactions, and cashback.
It is important to check with your financial institution or card issuer to see if they charge any fees for using Samsung Pay or to check the fees schedule on Samsung Pay website. Keep in mind that there may also be fees associated with using certain features or services within the Samsung Pay app, such as ATM withdrawals or foreign currency transactions.
Can I exchange currency using Samsung Pay
Service does not have a built-in currency exchange feature. However, if you have a card that supports foreign currency transactions, you may be able to use Samsung Pay to make payments in other currencies while you are traveling abroad.
Keep in mind that there may be additional fees associated with making foreign currency transactions with your card, such as foreign transaction fees. It’s best to check with your financial institution or card issuer to see if they charge any additional fees for using Samsung Pay to make foreign currency transactions.
Another option can be using Samsung Pay Cash, which allows you to send and receive money to other users. Depending on the region and the country you are in, the money can be sent to a bank account, or to a mobile wallet, and it could be used for local purchases.
It’s important to note that if you want to exchange currency, you should use a currency exchange service or bank, as they will generally have better exchange rates and lower fees than other options.
Can’t use Samsung Pay in your country? Use WELLCOINEX! The safest way to exchange currency!