BARCELONA -- Samsung Pay might sound like Apple Pay, but the Korean company's new mobile wallet solution aims to reach far more registers than that of its rivals. Revealed at Mobile World Congress 2015, Samsung Pay will work with both NFC-based and traditional point-of-sale systems when it arrives for the Galaxy S6 and S6 Edge this summer.
Like Apple Pay, Samsung Pay allows for mobile payments via near-field communication (NFC). Unlike Apple Pay, however, Samsung's new platform also uses the company's proprietary Magnetic Secure Transmission (MST) technology to allow for cashless payments at virtually any traditional register that accepts credit cards.
Thanks to this wide range of compatibility, Samsung says that Samsung Pay could potentially be accepted at 30 million retailers around the globe. Using the service is similar in process to Apple Pay: Users register their credit cards with the Samsung Pay app, choose a stored card when they're ready to pay, authorize the purchase with their fingerprint and tap their phone to the point-of-sale terminal.
Samsung Pay utilizes both Samsung Knox and ARM TrustZone to keep payments secure, and those who lose their device can use the company's Find My Mobile function to wipe Samsung Pay data remotely.
The announcement of Samsung Pay comes just weeks after Samsung revealed its acquisition of mobile payments company LoopPay. LoopPay's smartphone cases and dongles allow users to make cashless payments at any traditional magstripe register, though Samsung didn't specify whether that specific technology powers Samsung Pay.
There's currently no word on whether Samsung Pay will be coming to any other Samsung devices, but we look forward to testing the potentially far-reaching service when it hits the U.S. this summer.