Samsung Pay was officially launched during this day by the Samsung company, it will be usable in South Korea starting from August 20, while in the USA it will arrive on September 28, Europe will receive it later.
In contrast to the Apple Pay which works only through NFC to allow mobile payments, Samsung Pay it works not only with NFC, but also in the traditional way of bank cards, based on a coil from Samsung smartphones that emulates the magnetic strip of normal cards.
Based on this system, Samsung Pay can work at almost any type of POS that allows the use of a normal bank card, so that the great advantage over Apple Pay it lies in the fact that even the POS without NFC will allow making payments through the Samsung system.
Magnetic Secure Transmission (MST) is the name of the system created by the company Samsung for its smartphones and Samsung Pay, and from my point of view it is what Apple should have done for its iPhones, but unfortunately we have something else.
With Magnetic Secure Transmission (MST) and Near Field Communication (NFC) technologies, Samsung Pay works with most existing point-of-sale (POS) terminals. That means it's the only mobile payment service that works virtually anywhere you can swipe your credit card or debit card.
Samsung Pay uses the transaction tokenization system, so Samsung does not actually know what payments we make and to which merchants, so payment security is maintained, just as it happens in the case of Apple Pay, although the system is different.
Having said that, Samsung Pay is a mobile payment system that I would be happy if Apple would implement in its iPhones, but unfortunately this will not happen anytime soon for iOS users.
