Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. The service supports contactless payments using near-field communications, but also supports magnetic stripe–only payment terminals by incorporating magnetic secure transmission.[1] In countries like India it also supports bill payments.[2]
The service was launched in South Korea on August 20, 2015 and in the United States on September 28 of the same year. In 2016, at the International Consumer Electronics Show (CES 2016), the telecommunications company announced that Samsung Pay would be coming soon to a variety of banks in Australia, Brazil, Spain and Singapore.[3]
Benefits
Service
Samsung Pay was developed from the intellectual property of LoopPay, a crowdfunded startup company that Samsung acquired in February 2015. The service supports both NFC-based mobile payment systems (which are prioritized when support is detected),[4] as well as those that only support magnetic stripes. This is accomplished via technology known as magnetic secure transmission (MST), which emulates the swipe of a permanent magnet strip past a reader by generating the near-field magnetic waveform directly. LoopPay's developers stated that because of this design, the technology would work with "nearly 90%" of all point-of-sale units in the United States (which excludes terminals that require the card to be physically inserted into a slot in order to function).[1].On phones, the Samsung Pay menu is launched by swiping from the bottom of the screen.Different credit, debit and loyalty cards can be loaded into the app, and selected by swiping between them on-screen.[4]
Security
Samsung Pay's security measures are based on Samsung Knox and ARM TrustZone technologies; credit card information is stored in a secure token.[4] Payments must be authenticated using a fingerprint scan or passcode.[9][10]. In August 2016, security researcher Salvador Mendoza disclosed a potential flaw with Samsung Pay, arguing that its security tokens were not sufficiently randomized and could become predictable. He also designed a handheld device that could be used to skim magnetic secure transmission tokens, and another which could spoof magnetic stripes on actual card readers using the token. Samsung responded to the report, stating that "If at any time there is a potential vulnerability, we will act promptly to investigate and resolve the issue".[11]. Samsung Pay will not work with devices whose Knox warranty bit is tripped.
Availability
In May 2016, it was reported that Samsung was developing a spin-off of the service known as Samsung Pay Mini. This service will be used for online payments only, and is also being targeted as a multi-platform service.[42].In January 2017, Samsung has confirmed that Samsung Pay Mini will not only work on its Galaxy devices, but on other Android phones as well, as long as they are running Android Lollipop or above and have a screen resolution of 1280 × 720 pixels or higher.[43][44].In June 2017, Samsung launched Samsung Pay Mini and currently available on Galaxy J7 Max/On Max (in India)[45]. Availability is limited not just on the basis of where the payment card is issued, but also on the basis of the phone's region (CSC) code. Thus a phone made for an unsupported region can never use Samsung Pay even if it physically resides in a supported region and has a local SIM card. The rather unrelated error "Connection error. Unable to connect to Samsung Pay temporarily. Try again later." is how Samsung Pay reports this problem.
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Benefits
Service
Samsung Pay was developed from the intellectual property of LoopPay, a crowdfunded startup company that Samsung acquired in February 2015. The service supports both NFC-based mobile payment systems (which are prioritized when support is detected),[4] as well as those that only support magnetic stripes. This is accomplished via technology known as magnetic secure transmission (MST), which emulates the swipe of a permanent magnet strip past a reader by generating the near-field magnetic waveform directly. LoopPay's developers stated that because of this design, the technology would work with "nearly 90%" of all point-of-sale units in the United States (which excludes terminals that require the card to be physically inserted into a slot in order to function).[1].On phones, the Samsung Pay menu is launched by swiping from the bottom of the screen.Different credit, debit and loyalty cards can be loaded into the app, and selected by swiping between them on-screen.[4]
Security
Samsung Pay's security measures are based on Samsung Knox and ARM TrustZone technologies; credit card information is stored in a secure token.[4] Payments must be authenticated using a fingerprint scan or passcode.[9][10]. In August 2016, security researcher Salvador Mendoza disclosed a potential flaw with Samsung Pay, arguing that its security tokens were not sufficiently randomized and could become predictable. He also designed a handheld device that could be used to skim magnetic secure transmission tokens, and another which could spoof magnetic stripes on actual card readers using the token. Samsung responded to the report, stating that "If at any time there is a potential vulnerability, we will act promptly to investigate and resolve the issue".[11]. Samsung Pay will not work with devices whose Knox warranty bit is tripped.
Availability
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