Google Pay and Apple Pay are comparable to Samsung Pay. It is a platform for Samsung devices, including smartphones and wearables, that enables users to pay for services and products without using cash or credit cards by tapping the Samsung device on a contactless payment terminal or by approving an online transaction.
Pre-requisites to use Samsung Pay:
Samsung Galaxy devices, including the company’s smartphones and wearables, come preloaded with the Samsung Pay platform.
You must download and install the Samsung Pay application on your compatible device in order to use it. You must also register compatible cards and accounts, as the platform will only use these sources when making a payment.
How does Samsung Pay operate?
When using a phone:
You can open the Samsung Pay application by sliding up from the bottom of the screen. Your default card will then appear, along with a notice asking you to validate the transaction using your PIN, fingerprint, or iris scanning on compatible devices. You can also use Samsung Pay by launching the application.
A simple left or right scroll will display additional cards that are stored on your phone if a different card is required. When you start the application again, the last credit card used will automatically be the default card, although you can alter this in settings.
Following biometric authorization of the transaction, the phone instructs you to tap it on a contactless payment reader to complete the transaction via NFC.
When using a smartwatch:
Press and hold the Back key from any supported Samsung Galaxy smartwatch screen. The smartwatch is then prepared to make a purchase after displaying the most recently used card. Hold your wrist near the contactless payment reader and tap the on-screen “Pay” button to make a payment.
How safe is Samsung Pay?
No card information is saved on a Samsung server or the device itself, and Samsung Knox’s real-time cyber-attack surveillance and rooting protection safeguards Samsung Pay information.
Samsung Pay employs tokenization, just like Apple Pay. Replacing your card information with a token or number makes card transactions safe. Your device’s secure element chip contains this token, which is transmitted to the retailer or merchant when a payment is made. Thus, the shop never has immediate access to the card information.
In order to further safeguard transaction information from threats, Samsung Pay also provides ARM TrustZone.
More than NFC: Samsung Pay
In some countries, like India, Samsung Pay offers more than simply NFC. It also offers a mobile wallet technology known as MST (Magnetic Strip Technology), which was obtained when it purchased LoopPay.
MST makes it possible to make a contactless payment at terminals without NFC readers, expanding the number of merchants accepting the payment method. It can also transmit payment data to conventional terminals in shops that still use the traditional magnetic stripe.
A two-step payment procedure operates as follows: The LoopPay gadget (LoopPay Fob, Card, ChargeCase, or CardCase) executes the payment at the counter as if you have swiped the card as normal. The LoopPay software maintains and securely keeps all the payment cards on a mobile device, including debit, loyalty, credit, and gift cards.
Since MST is passive and is only used if no other electronic payment signal is found first, there is no risk of paying twice because the phone would prioritize an NFC signal if it is detected.
