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Definition: Samsung Pay


Samsung's digital wallet payment system introduced in the U.S. in beta in 2015. Supporting credit and debit cards as well as store and loyalty cards, Samsung Pay works with both old and new terminals, whether they read magnetic stripes or use NFC. In 2015, Samsung acquired LoopPay, developers of magnetic secure transmission (MST), which uses a small loop antenna inside the smartphone or in the case to transmit the card data magnetically to the terminal.

To make a payment on a magnetic stripe slider terminal, users position their device over the slider and press a button on the case or tap a button on the app. The first phones with Samsung Pay built in are Samsung's Galaxy S6 and Note 5 models. For earlier Android phones, a card-sized LoopPay module or key fob is available. See mobile payment service.