what is samsung pay ?

[Anonymous]

introduction 

Samsung pay is the virtual card system which allows the users to pay on the point of sale (POS) this system was introduced in 2015 with Samsung s6, this allows users to pay with the virtual encrypted with the help of the biometric data stored in the device. this system allows the user to forget the physical cards at the home. isn't the coolest thing. 

It is a platform for Samsung devices - smartphones and wearables - that allows you to pay for goods and services by tapping your Samsung device near a contactless payment terminal or authorizing an online payment, rather than using cash or credit cards.

Here's everything you need to know, including what banks are supported and how it works.

Samsung Pay: What do I need?

The Samsung Pay platform is baked into Samsung Galaxy devices, which includes the company's smartphones and wearables. You can find the full list of compatible devices below.

To use Samsung Pay, you'll need to download and install the Samsung Pay app on your compatible phone, register compatible cards and accounts and the platform will draw directly from these chosen sources when making a payment.

 

How does it work?

Well let me tell you that Samsung pay uses  two transmission method 

1 MST magnetic secure transaction - Magnetic secure transmission (MST) is the name for mobile payment technology in which devices such as smartphones emit a signal that mimics the magnetic stripe on a traditional payment card. MST sends a magnetic signal from the device to the payment terminal's card reader.

2 NFC near field communication - NFC (near field communication) is the technology that allows two devices—like your phone and a payments terminal—to talk to each other when they're close together. NFC is the technology that enables contactless payments.

3 Digital token number - this method replaces the actual card no with random digital code which replaces the actual card no. provided by the bank. 

Samsung Pay offers more than just NFC in some regions - such as the US - by also offering a mobile wallet technology called MST (Magnetic Strip Technology), which it acquired when it bought LoopPay.

MST allows a contactless payment to be made with terminals that do not feature NFC readers (mostly outside the UK), which opens up a lot more retailers to the payment tech.

It can also send the payment information to conventional terminals in stores that have the old-fashioned magnetic strip instead.

A two-step payment process works like so: LoopPay's app manages and securely stores all your payment cards (including credit, debit, loyalty, and gift cards) on a mobile device, while the LoopPay device (LoopPay Fob, ChargeCase, Card, or CardCase) processes your payment at the checkout as if you had swiped your card like usual.

There is no danger of paying twice as the phone will prioritize an NFC signal if it finds one, while MST is passive and will only be utilized if no other contactless payment signal is found first.

The combination of the above  methods allows user to make payments without getting your cards being hacked and even been copied

How secure it is?

Samsung pay is protected with Knox security with 126-bit encryption in Samsung devices. So, nearly impossible for fraud.

the Samsung pay offers the 126-bit encryption of the card that is it has the most advanced level of the security system. which prevent  hacking and replication of the card, the Samsung pay is directly connected with the bank servers that is the bank decrypts the card  to send payment 

In terms of security, Samsung Pay details are protected by Samsung's Knox real-time hacking surveillance and rooting prevention, and no card details are stored on either a Samsung server or the device itself.

Samsung Pay uses tokenization. Card payments are made secure by creating a number or token that replaces your card details. This token is stored within a secure element chip on your device, and when a payment is initiated, the token is passed to the retailer or merchant. The retailer therefore never has direct access to your card details.

In addition, Samsung Pay offers ARM TrustZone to further protect transaction information from attacks.

this has way more security over plastic cards 

What method it uses 

three methods it uses to pay with cards 

1 traditional 4 digit pin which you have set 

2 fingerprint replace your pin with fingerprint 

3 iris scans the most secure method than a fingerprint 

additional features

you can have UPI, WALLETS and some GIFT cards, REWARD points and many more 

Supported devices 

Samsung Pay supports Galaxy S20, Galaxy S20 Plus, Galaxy S20 Ultra ,Galaxy Note 10, Galaxy Note 10+, Galaxy A70, Galaxy A80, Galaxy A30s (NFC*), Galaxy A50s (NFC*), Galaxy S10+, Galaxy S10, Galaxy S10E, Galaxy A70 Galaxy Note9, Galaxy S9+, Galaxy S9, Galaxy Note8, Galaxy S8+, Galaxy S8, Galaxy S7 edge, Galaxy S7, Galaxy S6 edge+, Note 5, Galaxy A8+, Galaxy A7 (2017), Galaxy A5 (2017), A5 (2016), A7 (2016), Galaxy A9 Pro and Galaxy J7 Pro. Other newer models will follow.
*Card payments through NFC only, up to INR 2000 only

supported cards 

Supported Cards		Credit	Debit
American Express	American Express	✓
Axis Bank	Visa	✓	✓
	MasterCard	✓	✓
Citibank	Visa	✓
	MasterCard	✓
DBS Bank	Visa		✓
	MasterCard
HDFC Bank	Visa	✓	✓
	MasterCard	✓	✓
ICICI Bank	Visa	✓	✓
	MasterCard	✓	✓
IndusInd Bank	Visa	✓
	MasterCard	✓

Kotak Bank	Visa	✓	✓
	MasterCard
RBL Bank	Visa
	MasterCard	✓
SBI	Visa	✓	✓
	MasterCard	✓	✓
Standard Chartered Bank	Visa	✓	✓
	MasterCard	✓	✓
Yes Bank	Visa
	MasterCard	✓

Where is Samsung Pay available?

Samsung Pay has gradually expanded to a number of countries since it was first released, and it is currently available in the countries listed below. Keep in mind that for some countries, Samsung may not have fully rolled out Samsung Pay yet, but if the country is on the list, it’s expected to have the service available in the near future. Also, not all banks may support Samsung Pay in your country. For a list of banks supported in a country, click on its name in the list below (we will be adding these lists for each country in the coming weeks).
Australia

Brazil

Canada

China

France

Hong Kong

India

Italy

Malaysia

Mexico

Puerto Rico

Russia/Belarus

Singapore

South Korea

South Africa

Spain

Sweden

Switzerland

Taiwan

Thailand

United Arab Emirates

United Kingdom

United States

Vietnam

[immi007]

Nice post.

it doesn't support union bank so I'm not using it anyways

[Chikunnu]

It's really worth to using Samsung pay. Now days handling of cash can be a risky due to corona. Samsung pay will help in contact less payments.

[sugarinmyheart]

its been pretty long while using samsung pay and its quite convenient specially when you are finding with your friend that who is going to pay 1st.

[Ařpît]

bro... what was the last date for participating in this contest?