Samsung Pay is coming to select Samsung phones on the Verizon network.
Samsung’s mobile-payment technology went live on Sept. 28 in the U.S., but only with select Samsung phones activated on all other major U.S. wireless carriers, including AT&T, Sprint, T-Mobile, and U.S. Cellular.
Beginning today a noon, however, Verizon customers with the Samsung Galaxy S6, Galaxy S6 edge, Galaxy Note5, and Galaxy S6 edge+ will be able to download and install the Samsung Pay application from the Google Play store, Samsung announced.
Samsung boasts of winning a three-way matchup with Apple Pay and Google’s planned Android Pay because Samsung Pay uses both MST (Magnetic Secure Transmission) technology and NFC (Near Field Communication). MST technology works with existing magnetic card readers that are used for swiping cards. As a result, Samsung said Samsung Pay works in more retail stores than the other mobile payment services.
“With the widest acceptance of retailers, Samsung Pay works almost anywhere you can swipe or tap your card,” said Nana Murugesan, strategy and operations VP at Samsung Electronics America.
How it works: With Samsung Pay, consumers swipe up their Samsung phone’s screen, scan their fingerprint on the display, and make a payment, Samsung said. The service uses tokenization, Samsung hardware-based Knox security, and fingerprint authentication to protect transactions, the company said. No credit-card or personal information is personal information is exchanged during a transaction, the company noted.
Samsung Pay has the backing of American Express, Discover, Master Card, Visa and major U.S. banks such as Chase, Citi, Bank of America, and U.S. Bank. It is also backed by financial institutions such as Synchrony Financial, which calls itself the largest provider of private-label credit cards in the U.S. based on 2014 purchase volume.