Monday, 20 July 2015 10:57
South Korean trial for Samsung Pay moves general launch closer
Samsung is preparing for the roll out of its mobile payment offering Samsung Pay with the start of a trial in South Korea.
The trial service has been launched in partnership with Samsung Card for users of the Galaxy S6 and Galaxy S6
This trial service will allow the company to put Samsung Pay through its paces before its general launch in August or September, when Samsung launches its Galaxy Note 5.
The differences between Samsung Pay and Apple Pay include the inclusion of Magnetic Secure Transmission (MST) transactions that allow merchants without contactless transaction capable terminals to accept Samsung Pay. Samsung says this means acceptance will be much broader. MST payments is a capability that Samsung acquired through the purchase of LoopPay.
Interesting to what therefore, will be if and how Samsung Pay will converge with EMV payments. This question of how LoopPay / MST transactions and EMV chip cards and MST transactions can work together:
The LoopPay website currently says: "You can add chip cards to your LoopPay account today and use them at mag stripe readers (MSR) just like any other payment card. However, if the merchant POS terminal is configured to accept EMV cards, you will be instructed to use the physical card to make the transaction via the chip and PIN card reader. LoopPay will soon be announcing a solution that will address this inconvenience."