Samsung Pay is kicking off its service in Malaysia with the support of one of the country’s largest banking corporations – Maybank. Maybank customers will be the first in the country to be able to use the mobile payment service. Samsung Pay is the only mobile wallet that can be used at NFC or MST terminals, making it the widest accepted mobile payment system.
Samsung Pay is currently supported by over 30 merchants and retailers including Starbucks, Family Mart, Marks & Spencer, Watson’s, Krispy Kreme and more.
More banks and merchants are expected to join the platform upon the official launch happening in the coming weeks.
Maybank launched a beta program for Maybank Via cardholders last month, and response was positive, according to Samsung.
Samsung Pay is a secure and easy-to-use mobile payment service, enabling users to make purchases almost anywhere with their credit, debit and prepaid cards.
With Samsung Pay, you simply add your cards to the Samsung Pay app on your Samsung Galaxy device.
To make payment, simply swipe up on your Galaxy smartphone, scan your fingerprint to authenticate, and pay.
If you’re worried about security, Samsung Pay uses three levels of security to ensure secure payments. First, fingerprint authentication. Secondly, tokenization (your card number and session is tokenized, so it is never revealed). Finally, Samsung KNOX which is Samsung’s defence-grade mobile security platform, built into Galaxy devices.
Maybank says that Samsung Pay is more secure than a physical credit card.
The unique thing about Samsung Pay is that it is compatible with the majority of existing and new terminals. This covers older MST terminals, new NFC-enabled terminals and Visa payWave.
Samsung Pay’s proprietary Magnetic Secure Transmission (MST) is the secret sauce that makes payment via MST terminals possible. No other mobile payment platform offers this flexibility. Maybank added that because NFC adoption is less than 10% amongst merchants, the support for MST means Samsung Pay can be available almost anywhere.
One thing to note is that Samsung Pay will only work with supported Samsung devices. They are:
Samsung Galaxy S7 and S7 edge; S6 edge+, Note5, Galaxy A5 (2017 and 2016) and A7 (2017 and 2016).
Samsung Pay can be accessed by Maybank Visa cardholders who are part of the early access program (up till 11 February 2017).
You can be one of 500 users to win MYR100 cashback for every MYR500 cumulatively spent via Samsung Pay, if you’re a Maybank customer.
For more information, visit http://www.samsung.com/my/samsungpay.
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