Samsung Pay is on its way to your e-wallet
Thomas Ko, global co-general manager of Samsung Pay, told Reuters that Samsung Pay will be available on cheaper Samsung phones within the next year. However, he did not specify which countries will benefit from the offer. Since the Galaxy Note 5 isn't available in the UK, only those who use Galaxy S6, Galaxy S6 Edge and Galaxy S6 Edge Plus phones are currently able to make use of Samsung Pay.
If that wasn't enough, Ko also revealed that you will also be able to use Samsung Pay to make online payments. If this really happens, you'll be able to use the service just like PayPal, making online payments for fun.
Samsung Pay set to feature in next smartwatch
In July, Samsung joined hands with MasterCard to launch its contactless payment system across the globe starting with the United States and South Korea. MasterCard's MDES technology enables tokenization of credit, debit, co-brand, prepaid and small business cards for use in e-wallet services. In addition, MasterCard is also working on a new biometric technology named ID Check which will let you to make payments at stores just by clicking your selfie!
Back in February, Samsung acquired wireless payment system LoopPay with a view to counter the increasingly popular Apple Pay wireless payment technology. Using add-on devices for smartphones, LoopPay can transmit stored credit card information to magnetic card readers to ensure smooth payments.
LoopPay hacked but Samsung Pay 'safe'
Its Magnetic Secure Transmission (MST) system generates a magnetic field that links up with that of the card readers to facilitate the flow of information. LoopPay claims that the MST system works in around 90 per cent of American sale terminals.
A Cocktail of LoopPay's MST and MasterCard's MDES technologies will surely make Samsung Pay among the most efficient and the simplest modes of wireless payments. However, it all depends on how soon Samsung will be able to launch these services across the globe.