Samsung Pay Mini Launches in South Korea
Samsung Pay Mini will finally be making its debut. The company said the modified version of its mobile wallet will be launched in South Korea by the end of the first quarter.
While there is no official launch date for the United States, it will likely be introduced here shortly after its release in South Korea. That was the rollout plan for Samsung Pay during its 2015 release. There was a beta version available, followed by a full version in September.
Samsung Pay Mini is designed to give non-Galaxy smartphones access to most of the mobile wallet’s features. The company filed a trademark application for the name last year, and slowly shed light on what Mini would entail. It will be available for nearly all Android devices, even older Samsung phones that are not compatible with Samsung Pay.
However, there is one catch. One of the biggest innovations of Samsung Pay is the fact that it can work with standard magnetic strip card processors. This allows customers to use their mobile wallets even if the register at the store does not have NFC capabilities. Most smartphones and smartwatches do not have this technology, known as Magnetic Secure Transmission (MST), which is why Samsung Pay has not been available for them until now. There is no way for Mini to add this technology to those devices, but users can still work with Samsung Pay like they would Apple Pay or Android Pay.
This entry was posted in Credit Card News and tagged mobile payments , mobile wallet , digital wallet , digital payments , NFC , Samsung Pay , magnetic secure transmission , MST , Samsung Pay Mini , near field communication
The information contained within this article was accurate as of February 7, 2017. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.