Samsung purchased LoopPay on February 18, and the fruits of that decision are showing with the announcement of Samsung Pay.
The manufacturer officially announced its own mobile payments solution during Mobile World Congress, and also confirmed that the offer will be available with the Galaxy S6 and Galaxy S6 Edge, which the company also just unveiled at the same event.
As far as details go, there are not nearly as many as some might like. However, what we do know makes Samsung Pay seem pretty powerful in the mobile payments market, and a true competitor. As Samsung puts it, Samsung Pay will be available at more locations than any other offering, thanks to it being available through NFC and Magnetic Strip Transmission (MST).
There is plenty of security, too, as Samsung’s own KNOX software will work to secure payments and the user, and fingerprint scanning will be used to secure payments as well.
Samsung says Pay will be available in the second part of 2015, but no exact dates were provided. It will be, as mentioned above, available on the Galaxy S6 and Galaxy S6 Edge. It’ll also be available in South Korea.