Samsung announced its mobile payment system Samsung Pay (sounds familiar) yesterday at Mobile World Congress, which will be available to its new flagship Galaxy S6 and S6 Edge smartphones.
Samsung Pay is based on LoopPay’s technology and will simulate the magnetic stripe from your credit card, plus also use tokenization and NFC, similar to Apple Pay.
MasterCard released the following demo of Samsung Pay yesterday—check it out below:
Here’s Apple Pay for comparison’s sake, from the company’s September 2014 keynote:
As you can see with Samsung Pay, users need to swipe up from the bezel to activate it, whereas with Apple Pay, it just seamlessly turns on when an NFC connection is detected. Samsung updated their fingerprint sensor to a touch variant (because the Galaxy S5’s swipe sensor was garbage), essentially making it like Apple’s Touch ID.
A Samsung Pay launch in Canada wasn’t mentioned as the service will debut in the U.S., South Korea and expansion later in Europe and China.