Samsung Pay is the Sammy’s new mobile Payment System that is a non-cash, non-plastic solution for the mobile users. The service will first time roll out in South Korea on August 20. Later the service will launch in US market on September 28, with beta testing to be carried out in the meantime.

Samsung Pay will launch on August 20 in South Korea

Samsung Pay works with the principle of both NFC and MST (Magnetic Secure Transmission) technologies. The NFC requires updated terminals while the MST is designed to work with existing ones thus making it compatible with every terminal. It is thus same, swiping your bank card and fulfilling the Samsung claims. The transaction is secure as it is guaranteed by fingerprint recognition, Samsung Knox and storage encryption.

So far only latest devices and flagship models of Samsung support it like Galaxy S6 duo, Galaxy S6 edge + and Galaxy Note5 only within South Korea for now.