SAMSUNG PAY:- Revolutionary Technology:- Disruption for plastic cards in your wallet

SAMSUNG PAY:- Revolutionary Technology:- Disruption for plastic cards in your wallet. ******************************************************************** Developer(s) :- Samsung Electronics Initial release : August 20, 2015; 23 months ago Operating system: Android Platform: Selected Samsung Galaxy smartphones and Gear smartwatches License Proprietary Website :- samsung.com/sec/samsung-pay/ (South Korea) ********************************************************************* Introduction:- ********************************************************************* Samsung, holds a 33 per cent share of India's 'emerging' smartphone market, according to CyberMedia Research. Nearly 200 million 4G-enabled feature phones will be sold in India in the next five years that could potentially lead to a slow-down for the domestic smartphone market, according to a recent Counterpoint Research report. It's not surprising that both the smartphone and the feature phone markets are on the verge of saturation. Mobile companies should add featres so that customer can make repeat purchase for additional feaures and sell continues. one such example is SAMSUNG PAY app. In 2015 Samsung acquired mobile payment company LoopPay, which developed the specific MST technology used for Samsung Pay. Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. The service supports contactless payments using near-field communications, but also incorporates magnetic secure transmission that allows contactless payments to be used on payment terminals that only support magnetic stripe and normal contactless cards. The service was launched in South Korea on August 20, 2015 and in the United States on September 28 of the same year. In 2016 at the International Consumer Electronics Show (CES 2016), the telecommunications company announced that Samsung Pay would be coming soon to a variety of banks in Australia, Brazil, Spain and Singapore. ******************************************************************************** Objective:- Samsung wants its mobile payment system, Samsung Pay, to replace the plastic cards in your wallet. ? ********************************************************************************* NITI Aayog's Amitabh Kant said Because Samsung Pay has all the cards (Visa, MasterCard: debit as well as credit), wallets like Paytm and Unified Payments Interface (UPI) all integrated into one single entity, making things simple and secure at the same time, it is easily amongst the most revolutionary technologies in India right now. Samsung Pay is a mobile payments application and Samsung has tailor-built it for India by integrating (a) Paytm and (b) UPI right into the app itself. the service was first launched in early 2015 *************************************************************************** Access to "SAMSUNG PAY" ************************************************************************** Globally it is available in as many as 11 markets including South Korea, the US, China, Spain, Singapore, Australia, Puerto Rico, Brazil, Russia, Thailand and Malaysia. The early access service is available only with a few banks - Axis, HDFC, ICICI, SBI, and Standard Chartered. Samsung is expected to add support for Citibank and American Express soon. All major carriers in the US support Samsung Pay: AT&T, Cricket, MetroPCS, Sprint, T-Mobile, Verizon and US Cellular. Consumers will be able to use their smartphones with Samsung Pay for making payments at virtually every merchant location that has a point-of-sale (POS) machine Samsung Pay works with both NFC and MST (Magnetic Secure Transmission). It works with any payment terminal: card swiping or reading machine accepting either a traditional swipe or contactless payments. ******************************************************************************* PROCESS OF PAYMENT:- ******************************************************************************* It takes just three simple steps to use Samsung Pay, according to the company. These include: swiping up to launch the service, authenticating via PIN or fingerprint and making payments using your compatible Samsung phone. A user must first link their bank account and card to the Samsung Pay app on the compatible smartphone. Once that is done, payments can be made by firing up the app on the phone and bringing the smartphone close to the NFC-enabled point-of-sale (POS) machine. Once the vendor has entered the amount required to be paid on the POS machine, the payment will be authenticated through the user’s fingerprint or a four digit PIN entered on the Samsung Pay app. Once the Samsung Pay app is installed, register your fingerprint on the device if you haven't done so already. The camera will launch so you can scan your credit or debit card. Check that the number, name and expiration date are all correct. Finally, the app will need to verify the card by sending you an SMS or email from your bank. From the lock screen, swipe up from the small Samsung Pay bar just above the home button. Select the card you want to pay with, then place your finger on the home button to verify your fingerprint. Hold the back of the phone against the payment terminal. If you register with Samsung's Find My Mobile service you can remotely erase information on the phone, including any cards stored in Samsung Pay. Merchants may require you to hold the phone against the payment terminal in the same way as when you make a payment to process the return. Also, you will be asked to match the payment information on the receipt with the last four digits of your virtual card number. This is accessed through the Samsung Pay app. Samsung claims that its system will work with almost all point-of-sale systems: NFC, magnetic stripe and EMV (Europay, MasterCard and Visa) terminals for chip-based cards. ********************************************************************************** How it Works:- ********************************************************************************** MST replicates a card swipe by wirelessly transmitting magnetic waves from the supported Samsung device to a standard card reader. Over 90 to 95 per cent terminals (already) accept MST-based payments." Security: Samsung Pay incorporates three levels of security: biometric, card tokenisation (instead of storing actual card details) and Samsung's proprietary Knox platform. Owners of compatible phones, after they have linked their bank account and card to the Samsung Pay app, can simply wave/tap their phone over an NFC-enabled point-of-sale (POS) machine to initiate payments. Authentication is done via fingerprint or a four digit pin entered on the Samsung Pay app. ********************************************************************************* Compatible Devices : ********************************************************************************* Samsung Pay is currently available on eight phones in all, including the Galaxy S7 edge, Galaxy S7, Galaxy Note 5, Galaxy S6 edge+, Galaxy A5 (2016), Galaxy A7 (2016), Galaxy A5 (2017) and Galaxy A7 (2017) and one smartwatch, the Gear S3. Samsung Pay was developed from the intellectual property of LoopPay, a crowdfunded startup company that Samsung acquired in February 2015. The service supports both NFC-based mobile payment systems (which are prioritized when support is detected),[3] as well as those that only support magnetic stripes. This is accomplished via technology known as "Magnetic Secure Transmission" (MST), which transmits card data to a payment terminal's swipe slot using an electromagnetic field, causing the terminal to register it as if it were a normal magnetic stripe. LoopPay's developers stated that because of this design, the technology would work with "nearly 90%" of all point-of-sale units in the United States (which excludes terminals that require the card to be physically inserted into a slot in order to function). On phones, the Samsung Pay menu is launched by swiping from the bottom of the screen. Different credit, debit and loyalty cards can be loaded into the app, and selected by swiping between them on-screen. In South Korea, Samsung Pay can be used for online store payments and to withdraw money on selected banks' ATMs. ****************************************************************************** Security ****************************************************************************** Samsung Pay's security measures are based on Samsung Knox and ARM TrustZone technologies; credit card information is stored in a secure token. Payments must be authenticated using a fingerprint scan. In August 2016, security researcher Salvador Mendoza disclosed a potential flaw with Samsung Pay, arguing that its security tokens were not sufficiently randomized and could become predictable. He also designed a handheld device that could be used to skim magnetic secure transmission tokens, and another which could spoof magnetic stripes on actual card readers using the token. Samsung responded to the report, stating that "If at any time there is a potential vulnerability, we will act promptly to investigate and resolve the issue". In May 2016, it was reported that Samsung was developing a spin-off of the service known as Samsung Pay Mini. This service will be used for online payments only, and is also being targeted as a multi-platform service. In June 2017, Samsung launched Samsung Pay Mini and currently available on Galaxy J7 Max (in India). ********************************************************************************** Can work on all Mobiles, all Networks:- ********************************************************************************** In January 2017, Samsung has confirmed that Samsung Pay Mini will not only work on its Galaxy devices, but on other Android phones as well, as long as they are running Android Lollipop or above and have a screen resolution of 1280 × 720 pixels or higher.