Samsung Pay: Simple, Safe and SecureShare open/close
Samsung Pay, officially launched August 20 in Korea, has been well-received by both consumers and vendors. Following the early success in Korea, the only mobile payment system accepted almost anywhere, Samsung Pay was introduced September 28 in the U.S. Samsung also plans to offer the service in the U.K., Spain and China.
What makes Samsung Pay different than other mobile payment systems is that it supports both MST and NFC technology, meaning consumers can use their mobile wallet at any store with credit card magnetic stripe readers and contactless payment support. What makes Samsung Pay more secure?
Samsung Pay’s Five Levels of Security
1. Samsung Pay does not display card information
When making payments with Samsung Pay, no personal payment information such as user name and card number is displayed on the screen.
2. Tokenization helps secure your personal payment information
To replace credit card information, an encrypted token is used when making payments, so even in the case that the vendor’s POS terminal is hacked, personal payment information remains safe. The encrypted token is used only once and discarded after each payment.
3. Fingerprint / PIN authentication
Fingerprint or PIN registration is required to authenticate every payment. Only the user can authorize payments, reducing risk of fraud.
Samsung Pay offers higher security through Samsung KNOX mobile security platform, which monitors device, detecting hacking risks and malicious activity.
5. Find My Mobile
In the case that a user might lose a phone, Find My Mobile (FMM) enables the user to lock device remotely or erase all personal payment information.
Simple to Use
In addition to being more secure and more universally accepted, Samsung Pay is easy to use. After registering with a Samsung account, users can complete registration in four steps. Simply scan or manually input card information, then scan fingerprint and/or input PIN for authentication. Verify card with the issuer and register signature (may vary according to location).
Once Samsung Pay is registered, accessing is simple. Finger swipe up on the locked screen, home screen or sleep mode to launch Samsung Pay. Swipe side to side to view and choose a registered card. To pay, simply scan fingerprint or enter PIN to authorize payments.
Samsung Pay is easy, secure and expedites the shopping experience. Samsung Pay is available on the Galaxy S6, the Galaxy S6 edge, the Galaxy S6 edge+ and the Galaxy Note5. Samsung Pay will also support NFC technology on the Gear S2.
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