Samsung Pay takes on Apple Pay using LoopPay’s MST technology
Samsung is launching its mobile payment system, “Samsung Pay”, in collaboration with MasterCard to compete with existing mobile payment systems from Google and Apple.
Customers holding a MasterCard with a new Samsung Galaxy S6 will be able to make in-store purchases using their mobile phones.
Users of the Samsung system will also be useable with older card terminals due to the acquisition of backwards compatible technology from American start-up LoopPay, according to MasterCard’s chief emerging payments officer, Ed McLaughlin.
The integration of the technology means that only holders of new Samsung Galaxy S6 phones will be able to use the payment system as older models are lacking the necessary hardware.
MasterCard’s McLaughlin said “This is an exciting time for payments. As consumers are increasingly relying on their mobile devices in their everyday lives, we are excited to work with an industry leader like Samsung to deliver new payment options to our cardholders around the world.”
Last year, Samsung announced a partnership with PayPal to integrate payment technology into the Samsung Galaxy S5, which at the time was the latest model, to authenticate payments in-store and online using a built-in fingerprint reader.