Samsung Electronics Inc. has announced plans to to include low cost phones to its mobile payment solution in 2016, this will enable customers to purchase products and services online using Samsung Pay, for now this new feature will only be available in the US. According to Thomas Ko, global co-general manager of Samsung Pay, lower-cost Samsung phones will have access to Samsung Pay “within the next year”, currently supported devices include the Samsung Galaxy S6, Galaxy S6 Edge, Galaxy S6 Edge+, Galaxy S6 Active and Galaxy Note 5.
This will be a challenge to online payment giant such as PayPal as well as Apple Pay and Google Wallet. Unlike Apple Pay and Google Wallet Samsung pay does not only require NFC but also it is compatible with classic magnetic card stripe readers.
The decision to purchase LoopPay has been of great benefits to the Korean Company. LoopPay is the US based company that developed the technology allowing Samsung Galaxy s6 to work with magnetic stripe readers..
For now it is uncertain if Samsung will extend the electronic payment to support other countries. What do you think? Will you consider purchasing purchasing a Samsung device because of this feature? At this point all I can say is this “it pays to use Samsung Pay’.
Samsung, founded by Lee Byung-chul in 1938, is a South Korean multinational conglomerate company headquartered in Samsung Town, Seoul. Samsung diversified into areas including food processing, textiles, insurance, securities and retail. Samsung entered the electronics industry in the late 1960s and the construction and shipbuilding industries in the mid-1970s.