It’s really taking Samsung quite a while to roll out their mobile payment system, Samsung Pay, to other markets worldwide due to various considerations. Well, at least now they have their 2nd Latin American country and their 20th globally as they officially announce the rollout of the digital wallet in Mexico. Those who live in Mexico will now be able to use their supported Samsung devices to pay for items in brick and mortar shops that accept credit, debit, and even loyalty cards.
The advantage of Samsung Pay over it competitors like Apple Pay and Android Pay is that it can use both Near Field Communication (NFC) and Magnetic Secure Transmission (MST) technology, so stores who don’t have NFC devices can still support it if they have a credit card terminal. The signal emitted acts like the usual card’s magnetic band so Samsung Pay can still be used.
The security of Samsung Pay is also assured as it undergoes three levels: biometric authentication on your device through fingerprint or iris scanner; tokenization so that your financial details are not stored in the device and just generates virtual information per transaction; and integration with Samsung Knox, their defense-grade security platform.
Samsung has partnered with American Express, MasterCard, and Visa, as well as Mexico’s leading banks Banorte, Banregio, Citibanamex, HSBC and Santander. They are also working with acquirers, services and tools like Clip and iZettle. Hopefully, this is just the start of more rollouts for Samsung Pay for 2018.
SOURCE: Samsung
