Samsung Electronics announced Friday it will officially debut Samsung Pay mobile payment service in South Korea August 20, followed by a September 28 launch in the U.S.
The announcement was made in New York following the release of two new devices, the Galaxy Note 5 and the Galaxy S6 Edge+ –both which come equipped with the service. Users of the Galaxy S6 and Galaxy S6 Edge released in April, will also be able to use the service through updates.
Samsung Pay, which is currently on a pilot run, supports near field communication (NFC) technology like its rivals, as well as magnetic secure transmission (MST) and bar code technologies.
According to Samsung, their service can be used in more places than Apple Pay due to compatibility with conventional credit card devices. Samsung’s entrance into the mobile pay market was boosted by the February purchase of U.S. mobile technology firm LoopPay Inc., which has patent rights related to MST.
Writing for Knowyourmobile.com back in July, Michael Growthaus said having MST is unlikely to give Samsung any advantages over Apple in the U.S.
“MST should matter less as time goes on. Laws are coming into effect in the US this year that will require merchants to upgrade their terminals with newer NFC technology, so Apple Pay’s locations will grow. Still, it’s nice that Samsung Pay is ‘backwards compatible’”.
Apple launched its Apple Pay service in October last year in the North American and European markets. It is set for release in the Chinese market later this year.