Dive Brief:
- Samsung and Visa have teamed to introduce a new mobile payments service, Samsung Pay, according to reports on Pymts.com.
- The service is set to debut at this year’s Mobile World Congress next week in Barcelona.
- Samsung Pay will be compatible with as many as 90% of mag stripe payments terminals, as well as NFC terminals.
Dive Insight:
Consumer electronics giant Samsung, Inc. is set to unveil a new mobile payments platform at next week’s Mobile World Congress that promises to bring smartphone payment to more users. The service will roll out initially on Samsung’s latest flagship smartphone, the Galaxy 6.
Called Samsung Pay, the new system may give Apple’s current market-leading offering, Apple Pay, a run for the money. Samsung Pay will be compatible with more terminals than the NFC-only Apple Pay, making it easy to adopt and use for consumers.