What does ‘Samsung Pay’ means?

samsung pay s7

Samsung Pay, an innovative payment platform that allows you to pay for things and facilities just by waving your Samsung device nearby a cash-register as a replacement for of swiping the credit card or entering  your payment information, it has been lively in the United States and South Korea for a number of months. And in a near future it will launch in UK also. Technodots is analyzing much about Samsung Pay
Samsung Pay: From where it works?
The new payment platform is only available in the latest Galaxy series gadgets – Galaxy S6, S6 edge, S6 edge+, S6 Active, and Note 5. And of course it will be there in the Galaxy S7 and S7 edge just launched in the MWC 2016. You can download and install the android application, Samsung Pay on your latest series Samsung phone, enroll your preferred credit cards and bank accounts, then it will withdraw straight from the chosen fund sources when making a payment.
If your phone is not based on NFC platform, don’t worry, as you can use a fob dongle that plugs into any android based phones, means Samsung wants to use this platform as the universal payment technology.

samsung pay s7 edge
Samsung Pay: How does it work?
When you are using the phone by swiping up from the lowermost of the display, even on spleep screen the Samsung Pay application will launch and your default card will pop up with a note to verify a payment with their fingerprint pattern registered. If a different card is required, a simple swipe on left or right will bring up others cards stored in the smartphone.
Once the payment has been authorized using the fingerprint sensors the phone opts us to tap it onto the contactless payment reader and bingo, a payment possible with NFC (Near Field Communication).
But Samsung Pay gives more than simply NFC. In an attempt to replace the mobile wallet market, contesting with Apple Pay, Samsung acquired an innovative technology Loop-Pay – a startup that designed using a mobile wallet technology named Magnetic Strip Technology.

Technodots | Videos
Samsung Pay vs Apple Pay: What is the difference?
Apple Pay works with NFC chip in the iPhone, just like Samsung. Apple has gradually partnered a list of providers, who accepts Apple Pay and in recent times counted in support for US federal payment cards.

The major variance between Apple Pay and Samsung Pay is, Apple Pay is accepted at fewer registers because it doesn’t include MST functionality. Samsung Pay also probable of being recognized at 30-million merchant locations round the world, still both payment platforms have approached several associates to back their payment methods.
Samsung Pay: Payment limits?
The payment limit is set by the bank or vendor, not depending on Samsung, so it is different in different provinces. But if you needs to make a transaction above the fixed bounds, the application will just demand you to enter a PIN code to authorize for the larger amount.samsung pay technodots
Samsung Pay: How secure is it?
In terms of safety, Samsung reveals that, not only details are protected by Samsung’s Knox instantaneous hacking surveillance prevention system, but no card specifics are kept on Samsung server or in the device itself.
Just like Apple Pay, Samsung Pay uses tokenization as the security measure. Credit card payments are made protected by generating token that substitutes your card information. This particular token is stored in a secure component chip on your device, and when a payment is originated, the token is passed to the merchant. So the retailer never has direct contact to your card details.

Source: Samsung