Samsung and MasterCard have just announced that the two companies are extending their partnership to bring Samsung mobile payments service to Europe. Samsung Pay, as you may know, is Samsung’s competitor to Apple Pay and eventually Android Pay as well. Samsung Pay is presently being trialled in South Korea and is believed to launch in the States alongside Samsung’s next flagship smartphone in the summer.
The significance of the extended partnership between Samsung and MasterCard is that Samsung Pay will be able to make use of the same tokenization technology that Apple Pay uses. This technology is called the MasterCard Digital Enablement Service (MDES) and it allows payments to be made securely via NFC. Samsung Pay will also work side-by-side magnetic strip technologies (MST), allowing users to make payments at mag-stripe payment terminals. This means that retailers don’t need to upgrade their payment terminals, allowing Samsung’s mobile payments service to be used in more places with less hassle. Hopefully. So long as your phone isn’t rooted, that is.
There were no details on exactly when Samsung Pay will launch in Europe, but at least it is on the way. I’m sure that we will hear more about Samsung Pay and when and where it will launch at the Unpacked event on August 13th, when the Galaxy Note 5, S6 Edge Plus smartphones and the Gear A smart watch are unveiled.
Source: SamsungTomorrow
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