Samsung has already distributed invitations to the media for a press conference scheduled to be held on June 15, which is meant to unveil the company’s own mobile wallet, Samsung Pay. Not too long ago, the South Korean company made its first announcement in February, disclosing it has tie ups with more than one Australian bank to bring its services across the country.
With its debut in Australia, Samsung Pay will be joining rivals Apple Pay and Android contactless payments, and is soon to launch in the local market. Reports by IT News suggest that Samsung has clinched a deal with American Express, but the company has yet to finalize a deal with Citibank, which is expected to be unveiled at a launch partner with the mobile wallet service next week.
As of now, it is not clear which of the Citibank cards, Mastercard and Visa, will be supported by Samsung Pay. From what has been reported by Gizmodo, however, the service will support gift cards and loyalty cards, but no local partners have been confirmed in this regard.
Initially, the mobile payment service will be available on Galaxy S7 and S7 Edge flagships and Gear S2 (read about the recently launched Galaxy S7 Edge Batman version here). The service will also be available on Galaxy S6 Edge, S6, S6 Edge +, A5, A7 and Note 5 eventually. However, it is not yet confirmed whether Australian mobile phones will be updated to operate the service.
Samsung Pay service uses wireless near-field communications (NFC), which is capable of replicating the card swipes used by older terminals. The service also helps interact with the magnetic secure transmission (MST) on point-of-sales machines.
It should be noted that the virtual mobile payment service uses three levels of security including tokenization, the company’s Knox hardware partitioning of devices and fingerprints. Samsung Pay was recently launched in Spain, marking its rivalry with Android Pay and Apple Pay, according to Pymnts. There were earlier reports that Samsung Pay was coming to S6 Edge.