Samsung Pay may not be the biggest yet, as compared to Google Wallet or Apple Pay (who are actually both not as big yet too), but eventually, it will get there. Once it actually launches, that is. And now, with an expanded partnership with MasterCard for the European market, it will eventually get bigger once everything is fully operational and functional. This partnership will allow those with Samsung devices to make purchases in stores around Europe, and eventually to all countries that support Samsung Pay.
Samsung Pay lets you use any supported Samsung device to make contactless purchases with stores that use the magnetic stripe terminals with NFC (near-field communication and MST (magnetic secure transmissions) technology. Right now though, Samsung Pay hasn’t been officially launched in Europe, but when it does, users can be ready to activate the service and connect it with their credit, debit, reloadable prepaid and small business cards.
MasterCard has actually previously announced earlier this year that they are Samsung’s partner in providing tokenization services for secure transactions. But this was just previously covering bank partners in the US, but now, the scope has included Europe as well. Both Samsung and MasterCard say that they are committed in bringing this new technology to mobile commerce and to bring “secure digital payment experiences” to the consumer.
Samsung Pay will finally launch (hopefully) in South Korea and the US later this summer. The European launch will be further down the road, as they are still working with banks and partners to be able to bring the service there.