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Like Apple Pay, you'll need an American Express card for Samsung Pay

While we still haven’t got a date on the launch of Samsung Pay in Australia, other than “2016”, we did get new details on financial institution support today.

American Express will be the first partner to launch with Samsung Pay, like with Apple, which means for the time being you’ll need an Amex to use it.

“With Apple and Samsung making up the majority of the smartphone population in Australia, American Express is proud to be the only card issuer currently in the market to offer both Apple Pay, and soon Samsung Pay, options to our customers,” said an American Express spokesperson.

While at this stage American Express is the only finance partner in Australia, it would be surprising if Westpac or CBA didn’t join in considering their previous partnerships with Samsung and the tech company’s lack of fees.

Samsung is advertising its mobile payment system as the most widely accepted in the world, which it is.

While Apple and Android Pay both just use NFC technology, Samsung Pay also incorporates magnetic secure transaction technology. This means that your phone can wirelessly pay for things using the same old magnetic strip that credit cards have been using for years, allowing every terminal to support it.

When it launches this year in Australia it will only be supported by the Samsung Galaxy S6/S6 Edge, Galaxy Note 5/Edge+ and the just announced Galaxy S7.

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