Some time ago, Samsung announced that they will be adding another feature to their flagship devices – Samsung Pay. As of now, people in China who own such flagship phone will have the opportunity to pay contactless.
At the moment, Samsung will be operating with many banks in China, including China CITIC Bank, China Construction Bank, China Everbright Bank, China Guangfa Bank, China Minsheng Banking Corp. Ltd, China Merchants Bank, Hua Xia Bank, Industrial and Commercial Bank of China, and Ping An Bank. However, the list will be expanded with six additional banks in near future, namely Bank of China, Bank of Beijing, Bank of Communications, China Bohai Bank, Industrial Bank, and Shanghai Pudong Development Bank.
The Samsung phones which will have this option are these year’s Samsung flagship phones – the Samsung Galaxy S7 and Samsung Galaxy S7 Edge, as well as the Samsung Galaxy Note 5. The transaction will be done by using Magnetic Secure Transmission (MST). However, Samsung states that some middle-range phones can also use Samsung Pay, but it is likely that they will rather work based on NFC technology.
Samsung Pay will first be available in China, but by the end of the year, they announce that they will make it available in more countries, namely. Australia, Brazil, Spain, Singapore, and the United Kingdom