Apple Pay rival, Samsung Pay, looks set to launch next week in Australia on Samsung Galaxy smartphones.
The company’s website is currently taking registrations to notify people when it becomes available. It has mid-2016 listed as the intended launch date in Australia, with an announcement set down for early next week.
The contactless mobile payments service launched in South Korea in August last year, followed by the US in September and is also about to be released in Singapore with Citibank as a partner. The company is currently working on roll outs in Spain, UK, Brazil, and China too.
Samsung likes to boast that its system is the most widely accepted in the world, and looks set to work with the Samsung Galaxy S6/S6 Edge, Galaxy Note 5/Edge+ and Galaxy S7, as well as the Gear S2 smartwatch.
The technology means a smartphone can be used as a proxy for credit, debit and other loyalty cards as a swipe payments system.
Its point of difference to Apple and Android Pay, which use NFC (near-field communications) technology, is that Samsung Pay also incorporates magnetic secure transaction technology, which replicates the magnetic strip swipe on credit cards and means every terminal can support it. There are three levels of security, including fingerprints and/or a 4-digit pin, tokenisation, and the proprietary software, Knox, which scans to see if your device is secure and can permanently disable Samsung Pay on a compromised device.
Samsung Pay looks set to launch with far more partners than Apple, which began last November with just American Express before ANZ signed on in April. Amex, Citibank and perhaps the CBA are expected to be partners, with Samsung removing a key sticking point in Apple’s deal by saying it won’t be charging a fee.
However, most Australian banks have preferred to do it alone, developing their own smartphone payment apps, which may explain the delay in the Samsung Pay launch originally slated for February this year.
Google’s Android Pay was also set to launch in the first half of 2016, but with just three weeks left in that deadline, no details have yet emerged, although the ANZ and Westpac are expected to pair with the tech giant.
Business Insider will have more details on the June 15 announcement from Samsung when it happens.
Business Insider Emails & Alerts
Site highlights each day to your inbox.