2016 proved to be a good year for the mobile payment systems, mainly because of the arrival of Android Pay. Besides Android Pay, majority of big banks began to adopt Apple Pay. Samsung didn’t let this party leave without them, so showed its Samsung Pay. However, it is still under development (somewhat). Galaxy phone and Gear smartwatch owners will have to wait until next year to use this service. According to The Telegraph, the launch it tied back because of negotiations with banks.
Samsung’s service for payments has been officially presented at the Consumer Electronics Show (SEC) in January this year. It was also supposed to release this year, but the plan didn’t follow through with the cursed Galaxy Note 7. However, the service is currently available in some parts of the world, including USA, Canada, Korea, Spain, China, Australia, Singapore and Brazil.
The difference between Samsung Pay and its competitors like the Apple and Google’s payment system is that it supports Magnetic Secure Transmission (MST). This is a technology that can emit a signal that can mimic the magnetic strip of the back of a credit card. This means that it can be used on terminals that don’t allow contactless payments.