How does the Samsung pay work?

According to foreign media reports, Samsung in the recent launch of new product launch of the latest flagship Galaxy S6 and S6 Edge, but also bring their own mobile payment platform Samsung Pay. By name alone, Samsung pay has listed Apple Pay as its competitor. So what does Samsung pay to do with Apple Pay?

Question one: How does the Samsung pay work?

A: Apple Pay can allow users to checkout at a retail store by simply placing the phone near the payment terminal and paying by clicking. Both Apple and Samsung's new handsets are built with NFC modules, which is the core module for implementing mobile payments, but it also requires the store's payment terminals to have NFC capabilities, which will not be realized until this fall (US region).

Samsung Pay has more to offer than Apple Pay, which has incorporated its payment technology into its NFC payment platform after acquiring mobile payment start-up LoopPay, as LoopPay's technology also supports traditional magnetic stripe payments. At the same time, although NFC trading requires the authorization of mobile fingerprint sensors, it still requires an autographed signature when using LoopPay for payment.

Question two: Why does Samsung pay use NFC if it has looppay magnetic stripe payment technology?

A: LoopPay magnetic stripe Payment technology Although there is a great use of space, but its limitations are also very obvious, such as the United States at present many parking points and bus toll machine near support card payment, does not apply to LoopPay. At the same time some shops in the card equipment behind the counter, customers are also very inconvenient to use.

LoopPay's magnetic stripe payment technology is actually a transition technology that allows users to get a more satisfying mobile payment experience at this stage, but as more and more businesses start upgrading their NFC payment terminals, according to the Visa senior Vice President Bill Gayda Bill Gajda, This kind of payment technology will be gradually replaced by more convenient wireless payment technology in the future.

Question three: is Samsung pay safe?

A: Like Apple Pay, Samsung pay is safer than a bank card. When a customer uses both of these mobile payment services, the merchant will obtain its 16-digit bank card number stored in the device, and each transaction will automatically generate a unique authentication code, so even if the hacker cracked the device to obtain the bank card number, he can not get the real-time generated authentication code, This dual authentication mechanism basically guarantees the user's Fund security.

By contrast, LoopPay's payment technology requires regular bank card numbers and magnetic stripe signals, which are relatively easy to replicate. Samsung is currently working with Visa and MasterCard to improve the security of the accounts of users using LoopPay technology. James Anderson, senior vice president of MasterCard, said the security of bank cards needed to be tackled by the card-issuing banks, and if they did not cooperate, it would be hard for cardholders to enjoy the convenience of mobile James Anderson. Samsung says Samsung Pay is now backed by American Express, Bank of America, Citigroup, JPMorgan Chase and the United States.

Question four: Will the businesses that support Apple Pay, including CVS and 7-11, shield Samsung Pay?

A: Maybe, but it's hard to do. To do this in NFC trading requires shutting down NFC chips, and Samsung Pay has a magnetic backup, so it's hard for businesses to shut down NFC chips without rejecting a bank card, and if the business really wants to do that, it may need to lock in the customer's bank card number, And businesses should not be so uninteresting to say no to Samsung Pay.

Question five: What about Google's own payment services?

A: Google recently built its Google Wallet wallet service into Android handsets sold by mobile operators such as Verizon Wireless, at&t and T, It also acquired several technologies from mobile payment company Softcard, while Google Wallet and Softcard support NFC technology.

Unlike Samsung Pay, Google Wallet mainly expands its market with operators and Android handset makers, so there will be a built-in Google Wallet and Samsung Pay two payment services in Samsung handsets sold by the three major carriers, So the two have not yet formed a direct competitive relationship. So far, Google wallet still uses the regular bank card number to trade, so the security is inferior to Apple Pay and Samsung Pay.

Question six: Does Samsung pay support other Samsung handsets?

A: The new Samsung phones of the future will support Samsung Pay, but older handsets may not work, including older handsets with NFC modules that do not normally use Samsung Pay because they do not support LoopPay.