It is unclear as to why Verizon has opted to not support Samsung Pay, but that’s something worth keeping in mind.
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We are in the process of evaluating Samsung Pay and we will keep our customers updated on any news regarding the service. However, there is no truth to the spate of reports that emerged yesterday, claiming that Verizon has definitely nixed Samsung Pay and will not be supporting the feature.
Samsung Pay incorporates technology by LoopPay known as “Magnetic Secure Transmission” (MST); it transmits card data to the pay terminal’s swipe slot using an electromagnetic field, causing the terminal to register it as if it were a normally swiped card. The company will expand to the States on the 28th of September. Rumors have it that by the end of 2016, Samsung Pay will be available in the recently mentioned countries. Jim McCarthy, executive vice president for innovation and strategic partnerships at Visa, said that Samsung users have the ability to pay on thousands of merchants using tokens earned from Samsung Pay.
This represents a more aggressive rollout strategy on behalf of Samsung.
Apple’s adoption of NFC technology is seen as a key enabler of frictionless payments of various types in the UK, as it is expected to play a significant role in retailers rolling out NFC PoS infrastructure.
Samsung Pay will only work on the company’s latest flag-ship smartphones.
Verizon may not be jumping into the Samsung Pay ship as swiftly as its rivals, but that is no evidence that Big Red will not support Samsung’s upcoming mobile payments system in the future.
Afterwards, you’ll have to choose your credit card from a list. The device will then scan your fingerprint, and you’ll be required to provide the Pin code.
Finally, you have to bring the phone close to the payment terminal within 15 seconds to complete the sale.
However, Samsung Pay uses a security system called tokenisation to protect against this threat.
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Pretty safe. It doesn’t use a static PAN – primary account number; for transactions.
