Samsung’s mobile payment service will, as expected, launch first in South Korea later this month (20 August) followed by the US (28 September), with the UK, Spain and China to follow at unspecified dates.
Simultaneously, Visa announced that Samsung Pay joined its tokenisation scheme, following a similar announcement by MasterCard at the end of July.
The new service, which is a rival to Apple Pay, will be supported by the newly announced Samsung Galaxy Note 5 and Galaxy S6 Edge+. A Samsung Pay app will come preloaded on these devices. They will go on sale this month said the vendor, without specifying dates or markets.
In addition, the company will offer Samsung Pay updates in August for the Galaxy S6 and S6 Edge.
As previously announced, Samsung hopes to gain an edge over rival Apple with the use of both MST (Magnetic Secure Transmission) and NFC technology, which it claims means users can pay at more point-of-sale locations.
In addition to Visa and MasterCard, the Korean vendor mentioned some other financial partners. It hopes to work in the US with American Express and Discover, the two other leading credit cards in the country.
And it wants to work with a number of banks including Bank of America, Chase and US Bank. It will also team up with financial tech firms First Data, Synchrony Financial and Tsys.
In Korea, it has signed up all the major card companies, including Samsung Card, Shinhan Card, KB Kookmin Card, Hyundai Card, Lotte Card, NH Nonghyup Card, BC Card, Hana Card, Woori Card and Citi Card.