“Today you rarely go anywhere without your mobile phone. It has become the hub in people’s everyday life and this will also be true for payments, which is the rationale behind this new solution,” says Hoffsten.
The Samsung Pay solution combines new technology with old card readers, making the new payment solution widely accepted.
“Samsung Pay works with the new NFC technology, also known as contactless, but what is unique for the Samsung solution is that it also works with the older magnetic stripe card readers,” says Hoffsten. “This makes Samsung Pay work virtually everywhere.”
How does it work?
To use Samsung Pay customers need to add their cards to the wallet, and will by that receive a digital card number, a token, for each card, connected to the Samsung device that they are using. The cardholder then only has to bring his device when paying and thus can leave the card at home. From 9 March, Samsung is inviting all customers in Sweden to sign up for a so called beta version of Samsung Pay.
To be able to use Samsung Pay, the customer needs a Eurocard or a Mastercard issued by SEB or its card subsidiary. The customer also needs a Samsung device (see compatible devices on the list to the right).