Samsung Pay

Samsung Pay, launched in 2015, is a digital wallet that allows users to add debit and credit cards to Samsung Galaxy devices after user authentication.

Once a payment card has been added to the Samsung smartphone app, users can make payments and purchases at Near Field Communication (NFC) terminals.

This is done by simply hovering the smartphone over the terminal. As with any contactless-enabled card, as long as the user has funds in their card account, the transaction can be made.

The payment app offers great convenience, speed, and security for users and merchants who want to accept payments made using digital wallets. Notably, Samsung Pay works with **Samsung Wallet, a broader solution launching in 2022. **

How does Samsung Pay work?

So, what does it take to set up and use Samsung Pay? First, to use Samsung Pay, users must have a Samsung device , such as a Samsung Galaxy smartphone. Next, they must download and install the Samsung Pay app from the app store.

Users are then guided through a series of steps during the setup process where they are required to enter key personal information. One of the most important steps is to add a payment card to the Samsung Pay app.

To do this, you can either enter the card details manually or scan the card using your phone’s camera. A verification code will be sent to your phone via SMS, email, or phone call to confirm that you have added the card. Once the verification process is complete, users can start making contactless payments using the credit and debit cards that have been added to the digital wallet.

It is also possible to get a Samsung Pay card, although the setup process is different from what is mentioned above. Once the setup is complete, it’s time to see how Samsung Pay works.

One of the unique features of this digital wallet app is that it uses Magnetic Secure Transmission (MST) which mimics swiping a physical card’s magnetic stripe through magnetic waves. Currently, neither Apple Pay nor Android Pay offer this feature.

This means that once Samsung Pay users present their card to a card reader for mobile payment, the transaction is processed just like swiping or tapping the card on a point-of-sale (POS) device.

Samsung Pay works with several major banks, and since it uses a tokenization process, the debit and credit card details are visible only to the issuing bank. Also, you can still get your entire transaction history from the issuing bank.